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IMF and World Bank Launch Educational Blockchain Token

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The International Monetary Fund (IMF) and the World Bank have launched a crypto token called “Learning Coin” to better understand how blockchain technology works.

The two institutions said that the coin would have no monetary value and would not be made openly available, the Financial Times reported Saturday. To support the token, the IMF and the World Bank have also launched a private blockchain network.

The project is aimed to build “a strong knowledge base” around blockchain technology among staff at the organizations.

The IMF said in the report:

“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.”

Also launched as part of the token project is a Learning Coin app, allowing users to share content like blogs, research, videos and presentations. Staff at the organizations will also be able to “earn” coins for achieving certain educational milestones.

While the token has no real-world value, the developers are reportedly testing how staff can redeem it for rewards.

The news comes five months after IMF chief Christine Lagarde encouraged the exploration of central bank digital currencies (CBDCs) in the light of decreasing demand for cash and rising preference for digital money. And, in 2017, the then-president of the World Bank, Jim Yong Kim, said that the technology is “something everyone is excited about,” while he was more cautious about cryptocurrencies.

Last summer, the World Bank moved to use blockchain for a bond settlement that raised $81 million. The bond’s investors included CommBank, QBE Insurance, NSW Treasury Corporation and Northern Trust, among others.

 

 

source.nulltx.

Blockchain

Germany’s central bank chief is not alarmed by Facebook Libra

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  • Germany’s central bank chief, Jens Weidmann, believes that Libra must answer all the questions before they go ahead.
  • He feels that if Libra delivers on its purposes, then it can be “attractive to consumers.” 

The president of Germany’s central bank and European Central Bank policymaker, Jens Weidmann has stated that he is in favor of Facebook’s Libra. As per Reuters, Weidmann said at a G7 meeting:

“There’s no reason to be alarmed but there’s reason to be vigilant.”

Weidmann also said that Facebook should only go ahead with Libra after answering all the questions posed to them. Facebook’s blockchain lead, David Marcus, recently revealed to U.S. senators and congressional representatives, that Libra will go ahead only after it has satisfactorily addressed all regulatory and ethical concerns. Weidmann also believes that if Libra delivers on all its promises, then  it can be “attractive to consumers.”

source;.fxstreet
 

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Someone Is Trying to Trademark ‘Samsung Coin.’ It’s Not Samsung

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Someone in South Korea appears to be trying to take advantage of Samsung’s blockchain efforts by nabbing the “Samsung Coin” trademark.

According to filings with the Korean Intellectual Property Office (KIPO), an application to register the trademark in both English and Korean was submitted on July 10 by an individual called Kim Nam-jin.

The filing was made under categories related to computer programs, such as “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”

However, when contacted, a Samsung representative told CoinDesk that the tech giant was not behind the application.

“We don’t work this way,” they said.

While the trademark application does not specifically state whether it’s related to blockchain or cryptocurrency, the filing follows CoinDesk’s previous report that Samsung is developing its own blockchain using ethereum tech, and may eventually issue its own cryptocurrency, possibly called “Samsung Coin.”

In a possible clue as to their motivation for the filing, the same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.

The KIPO database shows that Kim Nam-jin also filed an application on July 10 seeking to trademark “ThinQ Wallet.”

However, on July 2, LG Electronics, also based in South Korea, filed trademark applications both in South Korea and in the U.S. for “ThinQ Wallet.”

Based on the LG application details, the wallet would provide a variety of mobile services including “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.”

The “Samsung Coin” filing was initially covered by a few news sources that incorrectly indicated Samsung is applying for the trademark.

CoinDesk Korea’s Shinjae Yoo assisted with reporting.

source:.coindesk.

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WATCH: A FinTech Lawyer Breaks Down Libra’s Legality

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Joel Telpner, Chair of Fintech and Blockchain Practice Group at Sullivan & Worcester LLP, isn’t surprised that Facebook is getting a grilling on Capitol Hill. In fact, he’s pleased.

“These are attacks on Facebook itself that really has nothing to do with crypto has nothing to with Libra it’s just Facebook being bad boys you know [they’re] concerned about [their] privacy policies,” he said.

His point, quite simply, is that any scrutiny of crypto in DC is vital.

“Parts of the hearing so far where they’ve actually been able to get into conversations about Libra and about crypto have been interesting because on that side of it you’ve seen some Senators that have been skeptical,” he said. “But overall it’s kind of it’s been encouraging to hear some of the senators talking about ‘Hey, this is a good thing.’”

Telpner joined CoinDesk editor Pete Rizzo in a wide-ranging conversation about the legality of Libra and, in the end, what Facebook and the Government will have to do to come to terms with the future of crypto.

You can read our complete Libra coverage here and watch our CoinDesk LIVE interviews here.

source:.coindesk.

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