Launching Blockchain Network of IMF and World Bank

Last Modified:6 Apr 2021 18:50:10
Launching Blockchain Network of IMF and World Bank

According to the Financial Times, the International Monetary Fund (IMF) with the cooperation of the World Bank intends to launch a private Blockchain system and network.

The purpose of launching this network is to survey and investigate more about the performance and structure of new technologies. These two international institutes are to study more about digital wallets and related technologies to cryptocurrencies.

Meticulous study on cryptocurrencies is one of the main concerns of these two institutes.

Learning Coin

Some say that a digital currency called “Learning Coin” has been made by the two mentioned institutes to evaluate and make research in order to do some studies about it.

In fact, the IMF and the World Bank want to analyze the careful mechanism of cryptocurrencies and Blockchain infrastructure in a real and meticulous manner. Of course, Learning Coin has no value, and no real international currency supports it.

Moreover, this learning cryptocurrency is solely for research and exclusively owned by the World Bank and IMF. As a result, no one has access to it.

IMF and the World Bank and Launching an Application

These two institutes take measure in launching a new application besides making their private cryptocurrency to do research and experiments. This application is an infrastructure for activity in Learning Coin.

It seems that both institutes are satisfied with the performance of a new technology system and know Blockchain and cryptocurrency suitable methods for international financial transaction and activities.

Actually, the studies and evaluations of the IMF and the World Bank have resulted in positive outcomes in their approach toward cryptocurrencies.

Representatives of IMF believe that many of the central banks in the world have realized the importance of cryptocurrencies. However, it is obvious that applying cryptocurrencies entails creating a supportive infrastructure wherein quicker, simpler and more secure activity is possible.

Blockchain and Cryptocurrencies Toward Global Acceptance

Accepting Blockchain and cryptocurrencies from the institutes and official foundations like IMF causes faster development of digital infrastructures. The support of official foundations is highly effective in changing the approach of governments, central banks and of course the general public.

If international foundations openly announce their support for the world of cryptocurrencies, it will be much more probable for micro- and macro investors to participate in this market and support its different projects with their assets.

Entering asset, expert manpower, different countries active in this market and of course the governments’ support through various legislations in this field leads to the cryptocurrencies change into complete and mature elements in the world of economy and communications.

Competition is another important matter which should be included in the cryptocurrencies ’evolutionary cycle.  The competition just takes place when the number of players and beneficiaries increases in the market of cryptocurrencies.

In spite of the news implying institutions such as IMF and the World Bank welcoming cryptocurrencies, we should wait for a blooming and growth in the world of cryptocurrencies and Blockchain in the near future.