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.
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.