While some people are still looking for the best cryptocurrency 2019 to invest in, the World Bank and International Monetary Fund have come together to explore the cryptocurrency and blockchain space. In the latest cryptocurrency news, Financial Times reported that the World Bank and IMF have debuted a quasi-cryptocurrency on a private blockchain. This may be the stamp of approval the cryptocurrency space has been waiting for all these years. This cryptocurrency is referred to as ‘Learning Coin’ and since or is built on a private blockchain, only the World Bank and IMF will be able to access it. So, it’s probably not going to be on the list of the best cryptocurrency to invest in 2019.
Cryptocurrency News Now – World Bank And IMF Debut Quasi Cryptocurrency
The “Learning Coin” is more or less an experimental cryptocurrency as it has no value. It is just a part of the IMF and World Bank’s effort to understand the concept of cryptocurrencies and blockchain technology. The blockchain-based app would be used as a resource center and for storing information related to blockchain technology. Those involved in the experiment will earn the cryptocurrency anytime they achieve the layed out educational milestone. They will be able to redeem these coins and apply them in real-world situations.
Bitcoin (BTC) Price Today – BTC / USD
The fact that the world Bank has decided to explore cryptocurrencies isn’t coming as a surprise to anyone. This is because just a few weeks ago, the World Bank gave Ripple’s xRapid and Circle Pay a thumbs up stating that these distributed ledger technologies are driving innovation. The IMF has also recognized the power of DLT. Part of the announcement was as follows;
“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.”
The test is going to increase their understanding of distributed ledger technologies in all its applications including smart contract generation and improving transparency. Christine Lagarde, the managing director at IMF, earlier in the month, said that blockchain technology is disrupting the world and forcing the traditional financial system to evolve if they want to remain relevant. She said that apart from those in control of financial systems, regulators are beginning to recognize the power and positive influence of blockchain technology.
Cryptocurrency News Now – How Will This Move By The World Bank And IBM Influence The Cryptocurrency Space
It’s true that the “Learning Coin” is not going to be publicly traded because it isn’t really a cryptocurrency. However, the move from the World Bank and IMF marks a significant milestone in the blockchain and cryptocurrency space. These two are the ultimate financial regulators. If they consider blockchain technology useful, they will drive adoption to the sector. Others in the financial sector will be forced to consider blockchain technology and even governments would want to explore it. The benefits are too numerous to mention.
What do you think? Will this quasi-cryptocurrency by the IMF and the World Bank help create awareness and promote adoption of cryptocurrencies? Share your thoughts about the cryptocurrency news today below.