IMF, World Bank reveal quasi-crypto and private blockchain tech

Tuesday 16 April 2019 00:30 CET | News

The International Monetary Fund (IMF) and the World Bank have teamed up to launch a private blockchain and a so-dubbed quasi-cryptocurrency.

The asset is called ‘Learning Coin’, and it will be accessible only within the IMF and World Bank. However, the coin has no money value, which means that it is not a real cryptocurrency. The coin was launched in order to better understand the technologies that underlie crypto assets. Its app will serve as a hub where blogs, research, videos, and presentations are stored.

Moreover, during the test, the World Bank and IMF staff will earn coins for achieving certain educational milestones. The institutions will allow them to redeem the assets gained for some rewards, which will enable them to learn how coins can be used in real life. Moreover, after the test, the World Bank and IMF reportedly might use blockchain to launch smart contracts, combat money laundering, and facilitate the overall level of transparency.

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Keywords: IMF, World Bank, launch, cryptocurrency, blockchain, quasi crypto, Coin, crypto assets, smart contracts, money laundering, transparency
Countries: World

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