IMF and the World Bank Launch Educational Blockchain Initiative
15 April 2019 - 06:44PM
ADVFN Crypto NewsWire
April 15, 2019 -- ADVFN Crypto
NewsWire -- 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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