The International Monetary Fund (IMF), in collaboration with the World Bank, launched its own private cryptocurrencies based on blockchaine. The Financial Times reported.

In fact, it is a kind of cryptocurrencies called "Learning Coin", available only to the IMF and the World Bank. It has no monetary value and is therefore not a true cryptocurrency.

"Learning Coin" was created to make the IMF and the World Bank better understand the technologies on which cryptocurrencies work. They have created an application that will serve as a center for gathering information, blogs, videos and presentations for people who will use this coin.

During testing, World Bank and IMF staff will earn coins as a reward for achieving certain training milestones. As a result of various simulations, they will then be able to use them in the same way as in real life.

According to the Ministry of Finance, banks and regulators around the world must quickly catch up with the missed time and understand the technology behind cryptoms, as it is constantly developing.

,, The development of cryptocurrencies and distributed accounting technologies is developing fast, as well as the amount of information that surrounds them. This forces central banks, regulators and financial institutions to recognize the growing gap in knowledge between legislators, economists and technology, ”says the Financial Times.

The World Bank and the IMF plan to use blockchain in conjunction with smart contracts as well as verify its usability in the field of money laundering and increase the overall level of transparency.

The chief executive of the International Monetary Fund, Chrisitne Lagarde, has been commenting on blockchain and cryptocurrencies technology with great respect for some time. She recently said that blockchain is likely to significantly shake the traditional financial world and will have a significant impact on society as a whole.

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