Earlier this month, the International Monetary Fund (IMF) and the World Bank collaborated to launch their own private blockchain platform and digital asset called “Learning Coin,” according to a report by the Financial Times.
This will be a private “quasi-cryptocurrency” used to help expand the institution’s knowledge and understanding of blockchain and distributed ledger 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.
This project begins to bridge that gap and form a strong knowledge base of the technology among IMF and World Bank staff.” – IMF statement, Financial Times
It’s also likely that other institutions are still in the experimentation phase with cryptocurrencies and their underlying technology, but the move shows that the financial industry is slowly becoming more accustomed to the new technology and procedures, such as storing digital assets, address formats, cryptographic key pairs, and the different types of algorithms used.
The IMF has been keeping up with blockchain technology. On the IMF news page, when using the keyword “blockchain” in the search bar, there are regular posts regarding banks and technology trials. It would appear that the IMF is quite open and publicly interested in the latest developments of digital assets.
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IMF Recognizes the Potential of Distributed Ledger Technology
In a short interview with IMF head Christine Lagarde, acknowledgement was given to the fact that blockchain and similar technology is disrupting and “changing the business model of commercial banks.”
Another key takeaway from Lagarde is that regulators are warming up to and catching up with rapidly developing technologies.
By using the “Learning Coin” and its platform to create a deeper understanding of cryptocurrencies (whether it’s good or bad), the IMF and World Bank could utilize smart contract technology to combat money laundering and have greater efficiency with tracking and processing data.
Central banks could be using blockchain-inspired technology sooner than many expected!
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