The World Bank along with the International Monetary Fund launched a private blockchain but also a quasi-cryptocurrency according to the Financial Times reports that we have in our altcoin news today.
According to the reports, the new quasi-crypto bill is named the ‘’Learning Coin’’ and it will be available only within the World Bank and the IMF. The coin is not a real cryptocurrency and has no monetary value.
As the Financial Times noted, the ‘’Learning Coin’’ aims to improve the understanding of emerging technologies and especially crypto assets. The coin will have its own app where all of the researches, blogs, videos, and presentations will be available.
During the initial test, the staff of the IMF and the World Bank will earn coins for reaching certain educational milestones. Both of the institutions will allow the staff to redeem the assets for rewards. The rewards can later be used to learn how the coin can be used in real life.
The International Monetary Fund stated that the regulators and the banks across the world need to be in step with the crypto technology by saying:
“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.”
After the test, the IMF and the World Bank might use blockchain in order to combat money laundering and launch smart contracts. The level of transparency will also be improved.
At the beginning of the month, the International Monetary Fund managing director Christine Lagarde explained that blockchain investors are shifting the entire traditional financial world. She pointed out that the potential of blockchain is embraced by regulators and banks that clearly see the positive effects.
The World Bank has a slightly skeptical point of view. According to the Land Administration Specialist Aanchal Anand, there is too much hype around the blockchain technology.
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