The main news of the last week in the world of digital currencies is the launch of a private blockchain with a “quasi-cryptocurrency” for private testing from the World Bank and the International Monetary Fund. The project was called Learning Coin and should be one of the key attributes for regulating the development of cryptoindustry. What does it mean?
As far back as May 2018, representatives of the IMF stated that the digital asset market does not pose a risk to the global economy and its stability. The World Bank, together with the International Monetary Fund, followed to the policy that cryptocurrencies would not create vulnerability for the global economy and would not affect participants in financial markets. However, the situation has changed. Already in October, from the head of the IMF, Christine Lagarde, in one of the interviews with CNBC, the following phrase was voiced:
“Our found does not need innovations that can create conditions for the world system, accompanied by a loss of stability. For that reason, regulators are obliged to follow all changes in the blockchain industry and follow the cryptocurrency growth industry”.
The result of these words was the news about the advent of a new coin Learning Coin.
It should be immediately noted that this cryptocurrency has no value and is created only for educational purposes. The main feature of the project – the coin is available only to employees and representatives of the World Bank and the IMF. With its help, organizations will explore the possibilities of the blockchain system and digital assets. Employees will receive cryptocurrency as part of certain courses, lectures and other stages of education. A special application will be developed for the project, through which the Learning Coin will be charged with the subsequent possibility of buying out these assets. After the stages of testing educational cryptocurrency, plans are made for the further use of the blockchain to create smart contracts or suppression of unlawful money laundering operations.
According to representatives of the IMF, Learning Coin should help employees of organizations in getting a handle on the use of blockchain technology in real life. The overgrowth of cryptoactive assets created a lack of knowledge about technology among central banks, regulators, financial institutions and legislators. In addition, the Learning Coin will have to bridge the gaps by example.
Editor of IMD News