The International Monetary Fund (IMF) and the World Bank have together launched a private blockchain with a pseudo-token on April 12, according to a report by the Financial Times.
The new token, called “Learning Coin” and only accessible within the IMF and World Bank, has a purpose to teach relevant individuals within the organizations about blockchain. Though the coin has no real value – hence the description pseudo-token – staff members who pass educational milestones will receive the tokens which can then be redeemed for certain rewards.
The purpose is to get employees to understand the applications of blockchain technology in the real world, and an accompanying app will be used to store blog posts, presentations, and videos.
The Financial Times report reads,
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.
Big Institutions Intensifying Cryptocurrency Research
Recently the IMF released a report that showed that over 40 central banks across the world had conducted extensive research and/or launched blockchain initiatives, indicating the increased interest from established entities across the world who are hoping to leverage the strengths of blockchain technology for their own firms.
IMF Managing Director, Christine Lagarde, has also said that cryptocurrencies are “clearly shaking the system”,
I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever…that is clearly shaking the system. We don’t want innovation that would shake the system so much that we would lose the stability that is needed.
