It has recently come to our attention that the International Monetary Fund (IMF) and the World Bank have paired up in an effort to create a cryptocurrency called, “Learning Coin,” which has been successfully launched.
As per the claims made, it does not necessarily carry a monetary value like almost all cryptocurrencies and bitcoin do, but instead has been reasoned as being backed by knowledge.
As per news outlet, Financial Times, the endeavor was considered essential by both parties involved as it would serve as a mean that would help to understand the pros and cons of the technology behind cryptocurrencies. In particular, a wide range of uses have been listed including, “smart contracts, transparency, […] money laundering, etc.”
To help familiarize the Learning Coin, both the IMF and World Bank are encouraging staff to propose ideas for “use-cases”, for which rewards could potentially be waiting. For the time being, the Learning Coin will comprise of knowledge from the staff from both IMF and World Bank – whether this will change over time has yet to be revealed.
Overall, IMF sees this as a way to better fill the gap between virtual currencies and society, something that has been discussed in the past on numerous occasions. Here’s the exact quote:
“The development of crypto-assets and distributed ledger technology [DLT] is evolving rapidly […] This is forcing central banks, regulators and financial institutions to recognize a growing knowledge gap between legislators, policymakers, economists and the technology.”