World Bank And MF Launch Learning Coin Blockchain Project
The World Bank and the International Monetary Fund (IMF) activated the so-called “quasi-cryptocurrency” Learning Coin based on a private network of a distributed ledger in the internal testing mode, the Financial Times reports.
According to the developers, Learning Coin cannot be classified as a cryptocurrency, since this asset does not carry real value. The financial instrument was developed to study the features of the blockchain and cryptocurrency. The educational focus of the project is reflected in its title — Learning Coin, since the project was created exclusively for research by the staff of the World Bank and the IMF.
It is reported that employees will be rewarded with Learning Coin tokens in the course of training for achievements and overcoming educational stages. The project also includes an educational base consisting of audio and video lectures on cryptocurrency and blockchain. Upon completion of the educational course, employees will have the opportunity to redeem the received tokens, according to project representatives.
The educational project is aimed to raise awareness among employees in the field of a distributed ledger, which will allow them to identify strategies for using cryptos in real world.
Upon completion of testing the network, the IMF and the World Bank intend to prolong the implementation of a distributed network. It is assumed that they will develop blockchain for conducting smart contracts or as a preventive mechanism against money laundering.
As previously reported, the largest Japanese bank Mitsubishi UFJ Financial Group (MUFG) intends to launch its own stablecoin by the end of 2019.