IMF And World Bank Launch the ‘Learning Coin’, An Educational Blockchain Digital Token

As cryptocurrencies and the blockchain technology continue to make a substantial impact on global finance, big organizations are taking efforts to educate global participants about its advantages and use.

On Saturday, April 13, the International Monetary Fund (IMF) and World Bank together announced the launch of “Learning Coin”. The two institutions refer to it as a “quasi-cryptocurrency” with its own private blockchain network.

According to the report from Financial Times, the ‘Learning Coin’ is not a real cryptocurrency and has no monetary value. The intent behind the creation of the ‘Learning Coin’ is to educate and make people aware of the functioning of blockchain technology and digital tokens in general.

Furthermore, the IMF and World Bank said that they will develop a Learning Coin application as part of its research-focused initiative. The app will allow its users to directly connect to a web-based interface providing them access to educational videos, blogs, presentations, and other research materials.

People participating in this joint project by the IMF and World Bank will get compensated in Learning Coins after completing certain milestones. The Learning Coins can be later redeemed for different goods and services.

Commenting on the launch of this new Learning Coin project, an IMF spokesperson said that regulators and traditional financial institutions across the world need to learn more about digital currencies. An official statement from the IMF reads:

“The development of crypto-assets and distributed ledger technology (DLT) 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 recently conducted a poll on Twitter asking followers as to what they would like to see as a regular payment option in day-to-day life, five years from now. A majority of the respondents voted for cryptocurrencies as their most-preferred choice.

IMF notes that their Learning Coin initiative will help people understand the use of cryptocurrencies for daily purchases. Besides normal users, the initiative also aims to make banks and regulators familiar with the idea of using digital tokens.

Recently, IMF Chief Christine Lagarde issued a warning that cryptocurrencies are “clearly shaking the system” and stressed on the need of introducing proper regulations.