IMF and World Bank to study Crypto through Native Token

After UNICEF’s initiative with blockchain, investing in 6 companies to develop blockchain solutions for global challenges, two more international organizations are considering the use of blockchain and crypto. The efforts of these two organizations will largely be concentrated on educating its members on the technology and the digital currency.

According to an announcement made on April 13, the IMF and World Bank are teaming up to explore the potential of crypto.

The organizations have launched a private blockchain and a quasi-cryptocurrency called ‘Learning Coin’. The purpose of this token is not for the purpose of trade but to study and understand more about blockchain technology and cryptocurrency.

The token will be not available commercially but will be used by the IMF and World Bank to incentivize and reward their employees for educating themselves about blockchain and crypto.

The coin does not have any monetary value as its purpose is to fill the ‘knowledge gap’ that exists between world powers that recognizing the need to stay up-to-date.

“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,” a statement said.

In September 2008, UNICEF made an announcement that it was accepting cryptocurrency donations for humanitarian aid. The donations were accepted in Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, Monero, Stellar, EOS and Dash. In January 2019, DAI was added to the list of tokens accepted by the organization.

This article was originally sourced from BTCManager.

Want to share your thoughts on this?