International Monetary Fund (IMF) and World Bank reportedly launched private quasi-cryptocurrency to gain insights into blockchain and cryptocurrencies as well as their applications.
The crypto is dubbed Learning Coin and would be solely operated within the two economic powerhouses. The main purpose of the project is to provide a comprehensive understanding of technology for both financial institutions. On that note, different contexts to use the coin are being explored, one possible use case might include rewarding employees with Learning Coin.
The launch of this internal coin came shortly after IMF Director Christine Lagarde criticized cryptocurrencies for “shaking the system” and insisted on the need for regulations and monitor over the field.
This move joins in the private blockchain wave at an institutional level, following other high-profile projects such as Facebook Coin and JP Morgan Coin. In mid-Feb, JP Morgan launched it blockchain-based JPM Coin with the ability to enable “instantaneous transfer of payments between institutional accounts”, while Facebook’s coin was said to be probably utilized by its Whatsapp messenger users to send funds over the messaging network instantly.