In the cryptocurrency sector, it often takes one major institution to make a move in order for many other organizations and corporations to follow. After JP Morgan Chase issued its own cryptocurrency, it appears that the International Monetary Fund (IMF) has created its own private blockchain network.
The IMF and the World Bank have launched the “Learning Coin”, named such because the organizations are interested in learning more about how exactly blockchain technology works. This is significant considering that both organizations are considered two of the most prominent international financial organizations in the world. The “Learning Coin” is meant to help the staff of both organizations understand the sector in a more nuanced sense.
Christine Lagarde, the managing director of the IMF, previously stated in a speech at the Singapore Fintech Festival in 2018, that the idea of “central bank digital currencies” should be explored. She cited the fact that digital payments were on the rise, and referenced major cryptocurrencies such as Bitcoin Core (BTC), Ethereum, and XRP. She referred to these cryptocurrencies as “vying for a spot in the cashless world.” Lagarde is the first woman to head the iMF, as well, and was previously a prominent French politician.
While the token doesn’t have any actual real world value, the developers of the currency are reportedly trying to figure out how to redeem the “Learning Coin” for rewards. The token will not be available to anyone outside of either the IMF and World Bank. The IMF recently put up a Twitter poll asking users how they believe they will be paying for lunch in the future. Interestingly enough, after over 35,000 votes, “cryptocurrency” was the most popular answer and received over 50% of the votes (as of press time).
The project is meant to show the “good, bad, and ugly” of blockchain, and an accompanying Learning Coin app will be available to staff, as well. The app aims to be a “hub for knowledge” for the staff to learn more about blockchain and cryptocurrency.
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