The International Monetary Fund (IMF) and the World Bank have collectively released a private blockchain and quasi-cryptocurrency as per the reports shared by Financial Times on April 12.

As per the newspaper, the asset is known as "Learning Coin", will be accessible inside the IMF and World Bank. The coin doesn't possess money value and hence it's not the real cryptocurrency like Bitcoin.

The development of the Learning coin will help its staff to understand some of the basic principles of distributed ledgers which fall under crypto assets such as smart contracts and enhanced transparency, and challenges which include money laundering.

According to the IMF, the bank and the regulators across the world have to understand and implement the latest crypto technologies which are rapidly developing. The IMF stated:

“The development of crypto-assets and distributed ledger technology is evolving rapidly, as is the amount of information (both neutral and vested) surrounding it. This is forcing central banks, regulators and financial institutions to recognize a growing knowledge gap between the legislators, policymakers, economists and the technology.”

The Fund said that it will also develop a Learning Coin app which will serve as a "hub of knowledge" allowing them to host their content such as blogs, research, videos, and presentations.

At the time of Test, the World Bank and the IMF staff will get coins on completing some educational milestones. The institutions will enable them to redeem the assets gained for some rewards. Also, it will provide essential details of how coins can be used in real life.

Also, after the test, the bank and the fund might use the technology in order to release smart contracts, stop money laundering and improve the overall level of transparency.

The main purpose of the project is to pass clear knowledge. The app is basically a prototype which provides a good, bad and ugly side of technology without any criticism.

Earlier, the IMF General Manager has reported to the popular news outlet, CNBC that, "anything that is using distributed ledger technology" primarily crypto assets and their derivatives are "clearly shaking the system." She also mentioned that the benefits of blockchain-based technologies and assets are accepted by regulators and central banks.