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IMF and World Bank released Quasi-Cryptocurrency

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The International Monetary Fund (IMF), in cooperation with the World Bank, launched the so-called quasi-currency based on a closed blockchain. Such tokens are intended for foundation employees as a reward for academic excellence.

The new digital asset called Learning Coin has no monetary value, so it cannot be considered a real cryptocurrency. The currency has been launched to better understand the technologies underlying cryptoactive assets. It is noted that the staff of the IMF and the World Bank will earn coins in the course of achieving some success in education.

According to the IMF, banks and regulators around the world should pay more attention to the study of rapidly developing cryptocurrency technologies.

The development of crypto assets and distributed registry technology is moving at a fast pace, as is the growth of information associated with them. This forces central banks, regulators and financial institutions to recognize the growing lack of knowledge of technology among lawmakers, politicians and economists from the IMF report

After testing the quasi-currency, the World Bank and the IMF plan to use the blockchain to launch smart contracts, combat money laundering and increase the overall level of transparency.

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