IMF & World Bank to Launch Coin to Study DLT

In the future the IMF can launch a system based on smart contracts and use the blockchain in the fight against money laundering
15 April 2019   415

The World Bank and the International Monetary Fund have joined forces to create the so-called "learning coin" or "quasi-cryptocurrency" on their own blockchain with limited access, Finance Magnates reports.

The emitted asset has no cash value and is not a “real cryptocurrency”. With its help, the IMF and the World Bank expect to understand the principles of operation of the blockchain technology and explore the areas of use of cryptocurrencies.

The cryptocurrency of the two international financial organizations has its own application, used to store research notes, articles, videos and presentations. Its coins will be credited to the accounts of the World Bank and the IMF for achieving certain educational goals. After that, they can be exchanged for some rewards "in the real world."

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.
 

IMF Representative

After the end of the current stage of the project, the IMF can launch a system based on smart contracts and use the blockchain in the fight against money laundering.

Binance to Launch BTC-Pegged Own Chain Based Token

In this way exchange wants to transfer crypto based on own blockchains to its ecosystem and  increase liquidity and trading volumes at Binance DEX
17 June 2019   158

In the coming days, Binance Exchange will launch a series of BEP2-tokens, tied to different cryptocurrency rates, on its own Binance Chain blockchain. The first token of this type will be BTCB - its rate is tied to Bitcoin.

BTCB is backed with bitcoins located in Binance reserves. The address for storing bitcoins has already been made publicly available, so that users can verify that the token has the necessary support.

In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.

According to Binance, in this way it can transfer cryptocurrencies based on its own blockchains to its ecosystem and currently not represented in the Binance Chain. The company expects the launch of new tools to increase liquidity and trading volumes at Binance DEX.

While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.
 

Binance Team

To date, Binance has independently reserved 9,001 BTC and released 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will tentatively appear within a day, and an asset will be added to Binance DEX after approval of the relevant offer.