Generally, institutions such as the International Monetary Fund (IMF) and the World Bank are considered to be traditional, conservative and cautious. However, with their latest joint announcement, they have shown that they are also able to embrace digital revolutions.
According to a report published in The Financial Times, the two entities have launched their own cryptocurrency, called Learning Coin. However, this currency will not be available on public exchanges, or available to the public for that matter. The currency will operate inside a private blockchain and will be used by staff members to get better acquainted with digital currency and the technology it is based on.
This exercise is important, as it will allow policymakers to better understand innovative products, such as underlying crypto assets, possible uses for smart contracts, and tackling anti-money laundering.
In a statement, the IMF stated that due to the rapid increase in technology and its use, financial institutions and other entities did not update their knowledge quickly enough, resulting in a gap between the regulators and entities they are responsible for regulating.
Learning Coin will be awarded to staff members as a reward for reaching educational milestones on the subject, and whilst they will not have any value, the entities behind the project are looking at potential rewards to motivate their staff to learn.
Frank Timis, an oil tycoon who was convicted for selling heroin, is looking to have a shake around of the board of the crypto-mining firm, Argo Blockchain. It has been reported that Timis has already tried to oust two members of the London Stock Exchange (LSE) listed company. Timis is the leading shareholder of the […]
As of today, users of the exchange platform Kraken will be able to buy and trade, ATOM, expanding their horizons of proof-of-stake processes. It hails from a Cosmos, a product of Tendermint’s consensus protocol. According to the blog post, “it is fast and highly scalable and aims to reduce “time and complexity involved in building […]
The British Virgin Islands will be working with a blockchain company to strengthen its emergency situation protocols with a crypto wallet. In case of emergency, residents of the island, who would otherwise have no access to funds, will be able to make transactions via a wallet provided by blockchain company Lifelabs. The wallet will have […]
To celebrate their token sale on Binance, Matic has announced they will be giving $1000 worth of Matic Tokens to a selection of lucky users. Last month, we revealed that Binance and Matic would be partnering up and discussed the perks it will have for users. This partnership is set to kick off with a […]
After last month’s vote where they increased the fee by 4% and a second vote last week, another vote will be held over a further 3% increase. Following the first vote back in March, a comment posted on Maker’s website following last months vote explained: “the correct Stability Fee could still be 7.5% or higher.” This […]
Huatie Hengan, a former construction company that switched to crypto mining last year, has seen a staggering loss. The company was sold recently for 12 million yuan ($2 million), 90% less than it was worth less than last year. With it previously being valued at around 170 million Chinese yuan ($25 million). When they launched their crypto mining […]
The executive chairman of the Blockchain Research Institute, Donald Tapscott, has claimed in an interview that Chinese currency, the Renminbi (RMB), will become crypto in the future. He has founded this belief from conversing with President Xi Jinping, the vice-chairman of the Communist Party in China. In a meeting they held together, Xi Jinping expressed how […]
Coinbase has expanded its service to now accommodate for 52 countries across 4 different continents. The exchange platform announced the news on Wednesday that they had successfully welcome new countries across Southeast Asia and Latin America. Now residents from Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand. […]