The International Monetary Fund (IMF), an international organization of 189 countries, has partnered with the World Bank to launch a pseudo-cryptocurrency dubbed “Learning Coin” in an effort to gain a better understanding of the nascent technology, Financial Times reported April 13.
As the Washington-based organization underscored in a recent statement, as a quasi-digital currency, “Learning Coin” was launched specifically to educate its staff about the basic principles of distributed ledger, the technology behind digital assets, its potential use cases such as smart contracts, and the risks associated with the budding technology, including the facilitation of money laundering. As such, “Learning Coin” will have no real monetary value, and will therefore not be considered an actual cryptocurrency.
As IMF was quoted as stating:
“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. This project begins to bridge that gap and form a strong knowledge base of the technology among IMF and World Bank staff.”
To that end, IMF’s prototype crypto will serve as a “hub for knowledge” where pertinent content such as videos, presentations, blogs, as well as research would be hosted. While Learning Coin currently has no actual value, a number of developers are working on how World Bank and IMF staff can be incentivized through the coins they would earn.
As emphasized in the report, the project was spearheaded exclusively to raise awareness and promote knowledge, allowing both the Fund and the Bank to gain a better grasp of the technology’s potential real-life applications free from any bias propaganda or unfounded criticism.