Two of the largest international organizations, World Bank and IMF (International Monetary Fund) has reportedly rolled out private blockchain and a quasi-cryptocurrency called ‘Learning Coin’.
Hub for Knowledge and Not Backed By Monetary Value
So-called ‘Learning Coin’ initiative by IMF and World Bank is first reported by ft media and notes that the organizations have already launched this coin to ‘better understand the emerging technology.
It says that the coin doesn’t hold any monetary value and will not basically work as Bitcoin. Learning Coin will rather work as ‘hub for knowledge’ for the staff of IMF and World Bank to let them understand various aspects revolves around cryptocurrencies – such as smart contract, distributed ledger, challenges across crypto-ecosystem and more. Nevertheless, this learning coin is unavailable outside of the IMF and World Bank.
Addressing the purpose of learning Coin, IMF said in a statement that this fills gap and form ‘strong knowledge base of the technology’ among the staff of both organizations – World Bank and IMF. The statement further notes that;
The development of crypto-assets and distributed ledger technology is evolving rapidly, as is the amount of information (both neutral and vested) surrounding it. This is forcing central banks, regulators and financial institutions to recognize a growing knowledge gap between the legislators, policymakers, economists and the technology.
Bullishness of IMF
Worth to note that IMF, since past few days appears with bullish sentiments around cryptocurrency and its use cases in near future. Consequently, Coingape reported how ‘IMF rolled a Twitter poll and seeks user’s opinion towards alternative payment system – to be applied for lunch in the next five years’. Apparently, the poll ended and the result shows ‘cryptocurrency’ scored higher than rest three alternatives. Below is the result of the poll conducted by IMF recently;
Coming back to Learning Coin, it works as a hub for Knowledge and will share informative content in the form of videos, blogs, research, and presentations. The coin will be given to the IMF and World Bank staff only upon completion of learning a certain set of educational material/ set milestones. Although the coin doesn’t carry any monetary value at present – developers are researching and testing ways to let staff redeem the coin.
What do you think about ‘learning coin’ launched by the IMF and World Bank? Share your thoughts with us.