The World Bank is also testing the IMF Learning Coin, it is proposed to carry out more frequent updates in the Ethereum blockchain. FATF offers are criticized by analysts from Chainalysis.
To train their specialists, the International Monetary Fund and the World Bank launched their own cryptocurrency. It has no cash value, and will be used only for educational purposes.
The goal of the project is to understand in practice exactly how the blockchain functions. Department staff will receive the Learning Coin as a reward for completing the training stages. It will be impossible to buy a token, as well as exchange for something tangible. However, in the future, the IMF allows the use of the blockchain in large-scale projects. For example, it is with its help that the fight against money laundering can become more effective.
A little more than a month has passed since the successful hardfork of the blockchain Ethereum, and its team is thinking about making more frequent updates. This question at a developer meeting was raised by Tim Beiko. At the same time, Alexey Akhunov suggested making forks with a time reference, that is, they should be held once every three months.
However, these ideas were not supported by the community. No one objects to improving the network, but there is a high risk of technical failures. The last of the hard forks, Constantinople, was postponed twice due to the defects found. As a result, it was launched four months after the first attempt. And now the team faces a more difficult task, it needs to transfer a blockchain to the ProgPoW algorithm.
Last month, the Financial Action Task Force on Money Laundering provided the first recommendations for cryptocurrency trading platforms. In them, it recommended cryptocurrency exchanges to carry out the procedure of mandatory verification for each trader. Moreover, these data exchanges should be transferred to regulatory authorities.
This initiative was opposed by analytical company Chainalysis. In its opinion, cryptocurrency exchanges simply do not have the technical ability to implement the proposed control measures. Therefore, the introduction of a hard law will put their activities outside the law. In addition, globalization will allow users to easily circumvent restrictions. It turns out that aspirants to work in the legal field of the site will simply be forced to close.
What does FATF offer?