April 15, 2019

IMF & World Bank Adopt Blockchain Technology & Own Quasi-Crypto

What does the blockchain community need for adoption to be successful? Is it the acceptance of a majority of the world populace? Is it the gradual adoption of government agencies? Or is it the leadership of global financial institutions?

There may not be a single answer to such a huge phenomenon such as blockchain technology and cryptocurrency adoption because all positive developments can contribute to their full realization.

One of the most recent additions to our collection of headlines that can shake the crypto world is the launching of a blockchain-technology-based application and quasi-cryptocurrency in a joint project by the International Monetary Fund and the World Bank.

The crypto project is dubbed as the Learning Coin. As the name suggests, the learning coin paves way for these global institutions to learn more about cryptocurrencies. As IMF has asserted,
"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."
There have always been complicated views concerning cryptocurrency since its inception because of the revolutionary way that it changes the world's financial landscape. For over a decade, most of the blockchain technology experts have worked on their own private spheres and have devoted their knowledge on the creation of decentralized platforms that are devoid of the limiting features that are existent of traditional banks and financial institutions of today.

However, because of both the potential and threat posed by cryptocurrencies and blockchain technology to mainstream financial structures, governments, and international organizations are considering various moves to remain significant in the present and coming eras.

IMF and World Bank's Learning Coin is not a real cryptocurrency per se. It has no corresponding monetary value in terms of dollars or in any other fiat. Only the personnel of the International Monetary Fund and the World Bank can access the Learning Coin app where they can watch videos, access research publications, read blogs, and see presentations. Every time they make a step further to learn more about crypto and blockchain, the staff would be earning digital assets that can be converted into a unique kind of rewards from their own organization.

Although such digital assets are of still of quasi-crypto character, there can be much optimism from the latest development in these international organizations. Who knows, this might be a trigger for the worldwide adoption of cryptocurrencies…