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Private blockchains seem to be raging lately. Only a few weeks ago, JP Morgan Chase launched a private version of the Ethereum cryptographic network, Quorum, to support the aptly named "JPM Coin". For at least a year, the heavyweight technology, IBM, has built an array of companies with Stellar technology.
The International Monetary Fund (IMF) and the World Bank are expected to join the movement in place with a new venture. The funny thing is that IMF President Christine Lagarde criticized traditional digital badets, mainly Bitcoins, the other day.
Meet "Learning Coin"
The project calls Learning Corner, yes, you read that right. According to a recent report by the Financial Times, the two aforementioned economic powers have launched a "quasi-cryptocurrency" to better understand blockchain technologies and their applications in the real world.
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For now (and hopefully, for the rest of 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 cryptographic badet, if we can even call it that, will allow its staff to better understand products, smart contracts and transparency, as well as the disadvantages of this technology, such as than money laundering.
The two Washington, DC-based entities seek to accomplish this by creating "use cases" for Learning Coin. Among the ideas proposed is the awarding of a reward to their staff in "cryptocurrency", which could be exchanged for "some kind of reward" at a later date, for overcoming certain educational milestones.
Lagarde: Bitcoin, cryptocurrency (real) shake the system
As mentioned above, this strange adventure comes right after Lagarde expressed his disgust for the real decentralized crypto-currencies in a recent segment with CNBC. As previously reported by NewsBTC, the Managing Director of the IMF told reporters that "anything that uses distributed ledger technology," mainly cryptographic badets and their derivatives, "clearly shakes the system."
Lagarde added that while she was excited about innovation, especially because of transparency, cost reduction and efficiency, Bitcoin and her peers could "upset the system to such an extent that we could lose stability ".
Thus, one could postulate that the IMF Learning Coin is a means by which the entity can seek to restrict distributed digital badets and centralize the blockchain, instead of giving freedom to consumers via Bitcoin. As Lagarde said about financial technology companies: "they will have to be held accountable so that they can have full confidence in their business."
Featured image of Shutterstock
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