IMF Launches Private Blockchain-Based Crypto

Private blockchains seem to be all the rage as of late. JP Morgan Chase launched a private version of crypto network Ethereum, Quorum, to support the fittingly-titled “JPM Coin.” And over the past year or longer, technology heavyweight IBM has built an array of ‘decentralized’ ledgers for corporations with Stellar’s technology.

The International Monetary Fund (IMF) and the World Bank are purportedly joining the bandwagon with a newfangled venture. The funny thing is, though, the IMF’s chairwoman, Christine Lagarde, bashed traditional digital assets, primarily Bitcoin, just the other day.

The IBM project is called Learning Coin. According to a recent report from the Financial Times, the aforementioned two economic powerhouses have launched a “quasi-cryptocurrency” to garner more knowledge of blockchain technologies and their real-world applications.

For now (and likely, hopefully, for the rest of all eternity), Learning Coin will only be available within the walls of the IMF and the World Bank. In a statement, the IMF explained that this crypto asset, if you can even call it that, will give its staff a better understanding of the goods, smart contracts and transparency, and bads, such as money laundering, of this technology.

The two Washington, D.C.-based entities look to accomplish this by creating “use-cases” for Learning Coin. Ideas proposed include giving their staff a reward in the ‘cryptocurrency’, which could be redeemed for “some kind of rewards” at a later date, for surmounting certain educational milestones.