Washington: The world is moving from currency to cryptocurrency. The economists are claiming that cryptocurrency will be the future of the world. Reports of some countries moving towards cryptocurrency, also have been published. It has also been revealed that leading financial institutions and banks are seriously considering the use of cryptocurrency. But now the World Bank and International Monetary Fund have launched a cryptocurrency, on an experimental basis. The cryptocurrency named ‘Learning Coin’ will be used only by the World Bank and International Monetary Fund, for the time being.
A joint meeting of the World Bank and International Monetary Fund was held in the US capital of Washington. While expressing serious concerns over the global economic slowdown, the use of technology in the financial sector was also discussed. Monetary Fund Managing Director and Chairwoman, Christine Lagarde had criticised that cryptocurrency is the factor creating a major confusion in the current system. Lagarde had also blamed that cryptocurrency and the technology behind, it is delivering severe jolts to the current banking system.
Within a few days of these Lagarde Statements, it has been revealed that the World Bank and International Monetary Fund have launched a cryptocurrency on an experimental basis. The daily ‘Financial Times carried this report’. The report said that the cryptocurrency has been named Learning Coin and also clarified that these two institutions will exclusively use the cryptocurrency. The report also claimed that the cryptocurrency has not been assigned any value, like other currencies.
An independent application has been developed, for the use of this new cryptocurrency and the application will have articles, research and presentations regarding the cryptocurrency. The newspaper article says that the main motive behind the launch of this cryptocurrency is to understand the technology and use of the cryptocurrencies, currently operating in the world. The Financial Times report also indicates that the monetary fund and the bank could use the Blockchain technology used in the cryptocurrency for other purposes.
The cryptocurrency in the form of Bitcoin, launched a few years ago, created ripples in the global economy. The value of a single bitcoin reached up to $10,000. Enthused by this astounding success, many companies from the technology sector, launched different cryptocurrencies. Cryptocurrencyis slowly gaining ground in Japan, South Korea and the United States. But the cost of cryptocurrency Bitcoin also has declined and even frauds in the system, are surfacing.
Against this background, the launch of cryptocurrency by the premier financial institutions like the World Bank and International Monetary Fund becomes significant. Before the announcement of the cryptocurrency by the World Bank and International Monetary Fund, leading international financial institutions JP Morgan and MUFG announced the launch of cryptocurrency. It had been revealed last year that the leading technology company Amazon, also has expedited movements in this regard.