The World Bank and the International Monetary Fund (IMF) have launched “Learning Coin” with its own private blockchain. As the coin has been created for better understanding blockchain tech and how crypto can be used, the Learning Coin has no monetary value.
“The development of crypto-assets and distributed ledger technology is evolving rapidly, as is the amount of information 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,” the IMF said.
The coins will be credited to the accounts of the World Bank’s and the IMF’s staff members for achieving certain educational goals. After that, they can be exchanged for some rewards “in the real world.”
After the trial has been completed, IMF may launch a system of smart contracts and use blockchain technology to enhance banking transparency and combat money laundering. Earlier this month, the head of the IMF, Christine Lagarde, said that cryptocurrency is shaking-up the world of traditional finance.