World Institutions test cryptocurrencies
|Matúš Kopalko|source|722x
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World Institutions test cryptocurrencies

The International Monetary Fund (IMF) and the World Bank (WB) have commonly launched private blockchain and a cryptocurrency called “Learning Coin”. It has no monetary value and will be available for internal purposes only. Although, it is a cryptocurrency in the true sense, its operation will most likely work as some kind of motivation in the form of club points.

IMF and WB are looking at new opportunities, which are brought by cryptocurrencies, because just correct understanding of the underlying technology can deliver tangible results. As the coin name suggests, this specific application will serve as a hub for blogs, videos, presentations and research storage.

The most interesting part of this experiment? IMF and WB employees will be motivated to complete learning milestones in study programs by the learning coin acquisition. The institutions will later allow them to redeem collected cryptocurrency for specific reward, which in turn teaches the employees how to use cryptocurrencies in real life.

International institutions recognize a growing knowledge gap among policy makers, legislators, economists and technology. That's why they actively test blockchain technology in real conditions. Moreover, if these technologies prove their worth then IMF and WB might use blockchain to create smart contracts, combat money laundering and enhance the overall level of transparency.

Bilateral cooperation between private and state sector is inevitable. An expert group at the Ministry of Finance of the Slovak Republic is responsible for such tasks in Slovakia. Together with the Ministry and other partners, we participate on new legislation creation. The legislation that will reflect requirements from the sector of financial innovations.


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