Two of the world's largest financial institutions have joined forces to study distributed registries. They created the so-called "educational coin" or "quasi-cryptocurrency" on their own blockchain with limited access, writes Finance Magnates.
The emitted asset has no cash value and is not a “real cryptocurrency”. With its help, the IMF and the World Bank expect to understand the principles of operation of the blockchain technology and explore the areas of use of cryptocurrencies.
The cryptocurrency of the two international financial organizations has its own application. It allows you to create and store research notes, articles, videos and presentations. The coins of the training network will be credited to the accounts of the World Bank and the IMF for achieving certain educational goals. After that, they can be exchanged for some rewards "in the real world."
“The development of crypto assets and distributed registry technology is rapidly improving, and the volume of information related to them is growing. Because of this, central banks, regulators and financial institutions are forced to admit that the knowledge gap of lawmakers and economists continues to widen, ”said the IMF representative.
After the end of the current stage of the project, the IMF can launch a system based on smart contracts and use the blockchain in the fight against money laundering.