The International Monetary Fund (IMF) and the World Bank have launched an educational token under the name “Learning Coin” to better understand blockchain technology.
Both institutions have confirmed that this token has no real value and it is to be used for educational purposes only. According to a report by the Financial Times, the IMF and World Bank understand that digital currencies and distributed ledger technologies are gaining traction all around the world, and it’s necessary to “bridge that gap and form a strong knowledge base of the technology among IMF and World Bank staff.”
The staff of these two international institutions will get Learning Coins after achieving specific educational milestones. While these coins will have no use in the outside world, the organizations are exploring options so that employees can use or benefit from owning them.
The IMF statement explains that “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’s Managing Director Christine Lagarde has been building a case for digital currencies since she delivered a famous speech titled “Winds of Change: The Case for New Digital Currency” in November 2018. In that opportunity, Lagarde called for the international financial community to take a closer look at “the case for digital currency”. In her opinion, the development of so-called Central Bank Digital Currencies could positively impact on financial inclusion, security and consumer protection and enhance privacy in payments.
Earlier this week, Lagarde said in an interview with CNBC: “Clearly the disruptors are having an impact on the incumbents. We just heard a very large systemic bank saying that they are launching a digital coin currently piloted within their institutional clients but to be scaled beyond that. The role of the disruptors and anything that is using distributed ledger technology whether you call it crypto, assets, currencies, or whatever is clearly shaking the system.”
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