News Media: World Bank Together with IMF Launches Their Own Cryptocurrency

According to the Financial Times, two of the largest international organizations World Bank and IMF (International Monetary Fund) have been working on the creation of private blockchain and a quasi-cryptocurrency called “Learning Coin”.

The coin won’t hold any monetary value, it will rather work for conducting investigations by IMF and World Bank. This way regulators intend to get a better understanding of cryptocurrencies work mechanism, including such aspects as smart contract, distributed ledger, challenges across crypto-ecosystem. Nevertheless, the issued coin will be unavailable outside of the IMF and World Bank.

According to IMF representatives, the main purpose of “Learning Coin” is to fill gaps and form ‘strong knowledge base of the technology’ among the staff of both organizations. 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.”

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