World Bank and IMF Partner To Launch ‘Educational’ Token

World Bank IMF International Monetary Fund Token Blockchain crypto-assets cryptocurrencies

The World Bank and the International Monetary Fund have teamed up to launch a blockchain token aimed at exploring how blockchain technology works in practice, in a bid to reduce the “knowledge gap” that exists around the technology.

Dubbed the “Learning Coin,” the token will not be made available for public sale, and will have no monetary value outside of the blockchain environment. The token will run on a private blockchain network launched by the respective organizations.

The Learning Coin has been designed to help inform employees at both organizations about blockchain technology, and to help develop a better understanding of tokens and blockchains with a view to informing future decision-making around the sector.

According to the IMF report, there is a pressing need to reduce the knowledge gap between key stakeholders, including legislators and policymakers, to ensure effective working with these emerging technologies.

“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.”

Alongside the token, the project also includes a Learning Coin app where users can share content related to blockchain technology, including blog posts, research papers and presentations.

Those using the app will be able to “earn” Learning Coins for sharing content, or for attaining several of the “educational milestones” set within the app.

While there will be no monetary or external value to the tokens, developers working on the project are said to be examining ways in which the coins could be used to reward staff for participating in the program.

The news follows a statement from Christine Lagarde, head of the IMF, in which she said central banks should increasingly focus on developing their digital currency experience, in light of a declining demand for cash globally.

This, she said, could pave the way in the future for increased use of central bank digital currencies, blockchain tokens tied to fiat currency and issued by central banks in place of cash.