The World Bank and International Monetary Fund (IMF) have launched their crypto token to educate their staff about the concept of blockchain and cryptocurrency, reported Financial Times.
In the announcement, the IMF noted ‘a growing knowledge gap’ between the developers of blockchain tech and the legislators and economists.
Use of the Token
The token, dubbed Learning Coin, is meant only for internal training, will not be made public and will have zero monetary value. In order to support the cryptocurrency, IMF and World Bank have also launched a blockchain platform.
The primary objective of the project is to create a strong knowledge base among the staff of the two institutions. The news comes after IMF Managing Director, Christine Lagarde’s encouragement to explore the emerging blockchain and crypto tech which is “clearly shaking the system” in an interview to CNBC.
IMF on the Launch
IMF in the report said that there has been a rapid evolution in the development of crypto-assets and distributed ledger technology over the past few years and also the buzz surrounding it. This had put pressure on financial institutions to give recognition to the growing knowledge gap between traditional legislators, economists, and the new age technology.
IMF’s Solution: A Learning Coin App
A learning coin app was also launched with the blockchain platform to help users post videos, blogs, and other content. The staff of the institutions will earn coins for individual educational achievements.
Both the organizations, the IMF and World Bank, have maintained a close relationship with each other providing financial aid to countries in time of crisis. The World Bank lends money to reduce poverty and promotes development. Whereas the IMF gives out low-interest loans to states which are experiencing balance-of-payments problems. Keeping in sync with their developmental aims, both organizations’ decision to lend support to the awareness around crypto is commendable.