Wednesday, August 21, 2019

IMF and World Bank Launches Private Blockchain-based Cryptocurrency

A number of financial institutions are known to be pessimistic about Bitcoin and even blockchain technology. Nonetheless, the International Monetary Fund (IMF) and World Bank, two of the largest international financial institution have launched a quasi-cryptocurrency that is based on a private blockchain, according to a recent report by Financial Times.

IMF and World Bank Launch a Cryptocurrency and Private Blockchain

Per the report, the IMF and World Bank have launched a quasi-cryptocurrency called Learning coin, and a private blockchain which the digital currency will be based on. However, Learning coin will not have any monetary value and as such, it is not a real cryptocurrency like Bitcoin.

According to the IMF, Learning coin’s purpose is to enable them to understand the blockchain and its real-world application. The proposed digital currency will be used within the walls of the IMF and World Bank. Specifically, it will be used by staffs of both organizations to learn the basics of blockchain such as smart contract, and challenges faced by the cryptocurrency space.

Staffs to Earn Learning Coin After Reaching an Education Milestone

Furthermore, workers will earn Learning coin by reaching the set educational milestones. They can also exchange it for other rewards at a later time which will give them an insight on how cryptocurrencies are used in real-life. In the same vein, its app will serve as a hub to store informative content such as blogs, videos, presentations, and research.

IMF also said:

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.”

Financial Institutions’ Varying Opinion About Blockchain

While these are positive developments geared towards cryptocurrencies, it does come as a surprise given the opinion of financial institutions about blockchain. For instance, Aanchal Anand, a Land Administration Specialist in the World bank’s Global Land and Geospatial Unit said blockchain is a hype.

Related Article:  World Bank Blockchain Based Bond Successful; Raises More than $80 Million

Catherine Bessant, a senior executive at Bank of America (BoA) in March also said she is privately bearish about blockchain.

According to Bessant:

I haven’t seen one [use case] that even scales beyond an individual or a small set of transactions…All of the big tech companies will come and say ‘blockchain, blockchain, blockchain.’ I say, ‘Show me the use case. You bring me the use case and I’ll try it’.

BTCNN on April 12 informed that the managing director of IMF, Christine Lagarde is requesting for better regulation of the cryptocurrency industry. In her opinion, cryptocurrency and any other thing that is using blockchain are shaking the system. “We don’t want innovation that would shake the system so much that we would lose the stability that is needed,” she added.

More Articles

Venezuela Seeks to Thwart Crypto To Fiat Trading By...

The government of Venezuela has announced today that they will be monitoring bank accounts for "suspicious operations" that could indicate cryptocurrency to fiat exchanges....

Namibians Can Still Trade Bitcoins Despite Country’s Ban

As of today, it's no longer news that the trading of cryptocurrencies has been banned in Namibia. The country in the Southern part of...

Chinese Cybersecurity Firm Detects Vulnerability on EOS Platform

A vulnerability has been discovered on EOS, a platform that is used to create and launch decentralized (dApps), which attackers could easily take advantage...

Electron Cash Now Offers Services By Using Nokia-Style Feature...

Cryptocurrency transactions are now made easier as Electron Cash Development Team, funded by cryptocurrency media outlet and blockchain company Coingeek, announced its new feature...

Luxury House in Australia Finally Sold for 457 Bitcoins

From buying two pizzas with 10,000 Bitcoins to buying a house with 457 Bitcoins, who would've thought the cryptocurrency will come this...

Blockchain-based Search Engine to be Launched in 2019

The California-based search engine giant, Google has been able to return results that are similar to the queries made by millions of users daily....

Despite Ban On Cryptocurrency, Zimbabweans Still Embrace Cryptos

The citizens of Zimbabwe have resulted to cryptocurrency for their daily transactions has it offers a haven from the poor banking system and economic...

The Fate Of Cryptocurrency In Post Brexit

The decision by the United Kingdom to leave the European Union sounds better on paper than in reality. Downing Street is not having it...

Study Finds ICOs Yield 180% ROI On Average

A study has found that the average return on investment for Initial Coin Offerings is more than 180% of the invested amount, available in...

Bitcoin Breaks A Significant Resistance Level

Bitcoin, for the first time after several months, has broken the resistance level which suppressed its price. Coinmarketcap's platform also reveals that...

Visa’s CFO, Vasant Prabhu Strikes Cryptos; Calls Them A...

The incipient crypto movement is causing a clash between traditional established investment businesses and their new crypto equivalent peers. Today, the VISA chief financial officer...

Australia Hints At Tougher Regulation For Crypto Startups

The Australian government, through its financial regulator, ASIC (Australia Securities and Investments Commission), has hinted the public about plans to further tighten the strings...

Latest Articles

Why US-based people can’t bet with bitcoins at online...

Online gambling using bitcoin has been happening since the time when cryptocurrency came into being. In the initial days, gamblers used to opt for...

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...