WASHINGTON—Two international financial institutions – the International Monetary Fund (IMF) and the World Bank – are the latest to support cryptocurrencies.
The Financial Times said that the organizations have launched a private blockchain and quasi-cryptocurrency as part of their efforts to better understand this technology.
Dubbed “Learning Coin,” the asset is not a real cryptocurrency like Bitcoin and would have no monetary value. Importantly, it could be accessed only within the IMF and the World Bank.
In a statement, the IMF said the project aims to bridge the quickly widening knowledge gap brought about by the rapid evolution of the technology.
“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,” the IMF said.
‘Bridge the Gap’
“This project begins to bridge that gap and form a strong knowledge base of the technology among IMF and World Bank staff,” the IMF added.
According to the IMF, the development of Learning Coin has helped the staff of these organizations familiarize themselves with the principles and concepts related to distributed ledgers, crypto assets, smart contracts, and associated challenges like money laundering.