Blockchain

IMF and World Bank launch a ‘learning coin’ to teach staff about blockchain

April 15, 2019, 5:22AM EDT

In order to learn more about cryptocurrencies and blockchain technology, the International Monetary Fund and World Bank have set up a private blockchain and Learning Coin, FT writes. Learning Coin is a quasi-cryptocurrency—it does not have any value and is inaccessible outside of the two institutions.

The launch is to help the IMF and World Bank staff learn more about distributed ledger technology. The Learning Coin app will be a “hub for knowledge.” The staff will be able to learn about blockchain from content available in the app, for instance, blogs, research, videos and presentations.  

By achieving “educational milestones,” the staff will gain Learning Coins, which they might be able to redeem for rewards, according to the IMF statement. The project should enable learning about blockchain technology in a bias-free environment. 

“The development of crypto-assets and distributed ledger technology is evolving rapidly, as is the amount of information (both neutral and vested) surrounding it,” the IMF said. “This is forcing central banks, regulators and financial institutions to recognize a growing knowledge gap between the legislators, policymakers, economists and the technology. This project begins to bridge that gap and form a strong knowledge base of the technology among IMF and World Bank staff.”