The International Monetary Fund (IMF) and the World Bank jointly launched a private blockchain network and the so-called quasi-cryptocurrency, the Financial Times reports. According to the publication, the asset is called “Learning Coin” and will be available only to the IMF and the World Bank.
As the Financial Times writes :
Learning Coin has been launched to better understand the underlying cryptocurrency technologies. The special application will work as a hub where blogs, research results, videos and presentations will be stored.
During the tests, the teams of the IMF and the World Bank will earn coins for a better understanding of the principles of operation. Financial institutions will use the award-winning cryptocurrency to learn how digital assets can be used in everyday life.
Blockchain can be useful after the tests
According to the IMF, banks and regulators around the world should keep abreast of cryptotechnologies that are developing rapidly.
The Financial Times quotes the IMF :
“The development of crypto-assets and distributed registry technology is rapidly evolving, as is the amount of various information about them. This forces central banks, regulators, and financial institutions to recognize the growing lack of knowledge that lawmakers, politicians, and economists have about this technology. ”
Once the tests are completed, the IMF and IB can use the blockchain to run smart contracts , fight money laundering and increase overall transparency.
Publication date 15/04/2019
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