As mentioned earlier this year, JP Morgan created a Dollar-pegged blockchain currency, which will be used for the bank’s internal transactions. This time, the International Monetary Fund (IMF) and the World Bank are launching a crypto token called “Learning Coin” to better understand how blockchain technology works.
The two institutions said that the coin would have no monetary value and would not be made openly available. To support the token, the IMF and the World Bank have also launched a private blockchain network. The project is aimed to build “a strong knowledge base” around blockchain technology among staff at the organizations.
The banks and regulators across the world have to catch up with crypto technologies that are rapidly developing. Corporations, institutions and blockchain technology are slowly merging together.
“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.”IMF statement on the Financial Times
Lagarde: Cryptocurrencies are ‘Shaking the System’
Watch this interview on CNBC where Christine Lagarde, the Managing Director of IMF, describes the impact cryptocurrencies have on the traditional banking system.