World Bank and the International Monetary Fund (IMF) have joined efforts to launch an imitation of the cryptocoin, titled “Learning Coin”, Financial Times reports. According to IMF, the goal of this project is to promote learning and knowledge, not bias.
The coin has no real value, not it is available outside of these two multinational institutions. It will be mainly used for educational purposes i.e. to better understand the nature of cryptocurrencies and how blockchain technology works.
“This project begins to bridge that gap and form a strong knowledge base of the technology among IMF and World Bank staff,” it is said in the IMF’s statement. The coin will be used as a “hub for knowledge”, as it will facilitate the exchange of ideas, comments and use cases.
Moreover, the staff of two international financial institutions will be able to receive Learning Coins if they reach certain educational milestones. Although they have no real value, developers are exploring different options on how to make staff benefit from owning coins.
“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,” the statement adds.
This news comes only months after IMF’s Managing Director, Christine Lagarde, delivered a speech titled “Winds of Change: The Case for New Digital Currency”, in which she calls for the international financial community to further investigate “the case for digital currency”. The speech marked IMF’s article, published on the same day, Casting Light on Central Bank Digital Currencies, where its authors argue for the establishment of the central bank digital currency (CBDC).
Alongside coin, IMF and World Bank are also launched the Learning Coin app to enable users to share blogs, research, videos, presentations etc.