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October 16, 2018

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IMF and the World Bank Launch Educational Blockchain Initiative

April 15, 2019

 

 

What is “learning coin?”

 

Apparently, it’s a new cryptocurrency that was created by a joint initiative between the International Monetary Fund and the World Bank that has no monetary value. Why might such a coin be important, in that case?

 

Today, CoinDesk published a post on the launch of “learning coin” that attempts to explain the coin’s possible utility as well as what underlying motivation these organizations might have that lies behind spreading the world about the blockchain.

 

To understand any of this, it’s important that we go back to a particular announcement that was made by the IMF in late 2018. Unfortunately the link to CoinDesk’s article on that subject is broken, but the reference to it exists in their current piece.

 

Essentially, last year, the IMF chief said that it is important that banks begin to seriously look into use cases for private cryptocurrencies due to the powerful call for digital money over paper money around the world, that reaches beyond crypto. The problem with all of this for the average crypto investor is that both “learning coin” and this statement from the IMF will not directly help spread crypto adoption to the everyman and everywoman in any way.

 

“Learning Coin” is being tested internally to help bank processes and bank employees. While it aims to offer an app that acts as a crypto-ecosystem including blogs, serious research materials, and many other types of content on blockchain technologies, none of this will arguably be extended to crypto’s true end-user. Everything will be to benefit banks and other organizations that are a part of the World Bank and the IMF.

 

Therefore, while this research is a step in the right direction toward improving the global financial infrastructure in response to the inevitable shift to digital money, it might not be the step that most crypto investors want. Even so, this sort of research can lead to realizations, such as the benefit of developing products that benefit regular people. We just have to give these companies time to get to that point.

 

 

By: BGN Editorial Staff

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