IMF and World Bank explore crypto merits with blockchain project

[Lawrenzoo]

Indeed there are some service who transfer faster than crypto, like PayPal, Skrill or Neteller, but if want ot withdraw from PayPal to card or to bank account will take a lot of time, and crypto solve this situation.

I don't exactly see that point of having cryptocurrency to have faster transactions. Honestly, Paypal is so much advanced compared to cryptocurrency's blockchain technology. This prototype would help the people to test how cryptocurrency works and will let the people also feel the pros and cons. The blockchain technology is really an exciting technology that we would love to witness being developed.

What is advanced in paypal, paypal that not all users can have access to, what right do they have to give privilege to some users than others, we have lots of people that would love to use paypal for their business in  my country but cant, because pay-pal limit their use to just sending money alone and cannot receive money which is making them loose lots of international customers. You can not even compare the transaction fee of blockchain technology to that of paypal, paypal is just too expensive.

[1714137434]

1714137434

[1714137434]

1714137434

[1714137434]

1714137434

[1714137434]

1714137434

[1714137434]

1714137434

[1714137434]

1714137434

[Ucy]

How can they learn with private blockchain when real blockchain is expected to be public blockchain? They could censor posts,  edit/delete data, hide stuff, change the coin supply etc. these are not possible in real crypto world.
  They probably should learn the hard way by  using a public blockchain.

[TimeTeller]

Indeed there are some service who transfer faster than crypto, like PayPal, Skrill or Neteller, but if want ot withdraw from PayPal to card or to bank account will take a lot of time, and crypto solve this situation.

I don't exactly see that point of having cryptocurrency to have faster transactions. Honestly, Paypal is so much advanced compared to cryptocurrency's blockchain technology. This prototype would help the people to test how cryptocurrency works and will let the people also feel the pros and cons. The blockchain technology is really an exciting technology that we would love to witness being developed.

What is advanced in paypal, paypal that not all users can have access to, what right do they have to give privilege to some users than others, we have lots of people that would love to use paypal for their business in  my country but cant, because pay-pal limit their use to just sending money alone and cannot receive money which is making them loose lots of international customers. You can not even compare the transaction fee of blockchain technology to that of paypal, paypal is just too expensive.

You have a point here. Not all people are fan of PayPal though signing up is free but it has some limitations that everyone is not amenable to.
And you are very right, transaction fee is incomparable, taking into account also the duration to complete a transaction.
So yes, blockchain technology will resolve these issues. I'm a user of PayPal but I can see the blockchain tech has more benefits to consumers.

[CryptoBry]

Its a test Coin, somehow it will allow them to understand how cryptocurrency works. Maybe in the near future they Will upgrade their system by using cryptocurrency to help them speed up their transactions.

Actually, the IMF and the World Bank is exploring also the idea of them issuing their cryptocurrency that can compete with Bitcoin but this time around under their own control and direction. However, they will see that it can just be an impossible dream as people -- the general masses -- do not have the same level of trust and confidence with centralized cryptocurrency. The use of the blockchain though can be applied by anybody and by any organization and there will always benefit that can be derived at it if implemented well. Any organization that uses data can use the blockchain technology for good.

[magneto]

Obviously the tech behind crypto is a separate thing from the social use of crypto.

The IMF would have been better off monitoring real life use of crypto rather than artificially asking their staff to "earn" tokens.s process will allow the Fund/Bank to better understand how crypto assets could potentially be used in real life. The goal of this project is to promote knowledge — not bias. The app is a prototype that aims to show the good, the bad and the ugly of the technology, without hype or uninformed criticism.

I'm still quite skeptical when it comes to these initiatives, because it is clear that they are not actually supporting decentralised cryptocurrencies or blockchains in their process of research and development, but rather, looking into institutional solutions that in majority of the cases will be centralised.

In these cases, it's no different to a database that is more reliable and efficient to run. That isn't necessarily a bad thing, since it can bring cost benefits to the firms that choose to adopt this technology, though it is in no way the same as decentralised cryptos.

Also, who's going to say for sure that this is going to translate into pro-crypto regulation?

[coinplus]

Blockchain is not something that is bad for the banks, bitcoin is. Banks and these huge operations could use blockchain to get themselves to the next stage and become better at what they do by using it and could decrease the costs of transactions and even lower speed to an instant if they could do the blockchain development properly.

Nonetheless, when bitcoin is the topic that is literally a currency that could devalue all currencies in the world and that is exactly what China is afraid of. That is why they are using blockchain and "learning" what it can do, they do not want bitcoin to take all the credit and become standalone currency and they want to use blockchain for their currencies to make it equal fighting chance for themselves. It won't be helpful though because it will only postpone the inevitable death of fiat currencies.

[buwaytress]

Most people here don't seem to like it, yet continue to use it in all its glory because there is no alternative capable of completely replacing the old system.

Fiat does its job extremely well when it comes to local day to day payments. In my case it's instant, free and there are certain rewards and even buyers protection. Considering that most average people don't conduct cross border payments, fiat in its current form (at least here in Europe) isn't going anywhere.

No one censors people's coffee or sandwich or grocery payments, so there is nothing here that will convince people that fiat is bad. Banks need to implode in people's face in order to realize how crappy this financial system is. As long as that doesn't happen, people will continue being average joes just minding their own business.

You said it, brother. If I could transact only in Bitcoin I would. But I got three different dependencies, and each having three different currencies, and no way to use Bitcoin directly with either. And like you, I like that using fiat (at least in Southeast Asia) is instant, is insured, and is free of cost... the moment any of my dependencies need it, I could send within seconds with a few taps. That's of course not the entire point of Bitcoin, and presumably, once we get full adoption and with second layers like LN, we would see virtually instant and free txs too... but until that era is upon us, we're stuck using the old system.

I also feel banks should implode more. Economies should crash harder. But banks do, economies do, yet the world still rescues the system, putting the future at ever higher risk. And it drags itself across the line over and over again. That is a problem that won't be killed.

[usorin]

IT is strange, all this time they said it is ponzi and stuff like that and now suddenly they adopt it, who can understand their politics. Finally they realised the importance of this technology in our lives.

[webtricks]

IMF and World Bank, though the reputed organisations hardly have much control on big economies of the World. Both Britten Woods Twins are more of the guiding authority than controlling authorities. They can control only poor economies such as African countries and other 3rd tier countries because such countries are dependent on the donations of these organisations. But if we talk about USA, European Countries, China, Japan, India and other big economies which actually comprise 90% of the crypto users, IMF & WB have no control on these economies, such countries work autonomously and usually ignore the recommendations of UN organisations.
So I don't think UN initiatives will help much unless all big economies have positive outlook towards cryptocurrencies.

[Whosdaddy]

Indeed there are some service who transfer faster than crypto, like PayPal, Skrill or Neteller, but if want ot withdraw from PayPal to card or to bank account will take a lot of time, and crypto solve this situation.

I don't exactly see that point of having cryptocurrency to have faster transactions. Honestly, Paypal is so much advanced compared to cryptocurrency's blockchain technology. This prototype would help the people to test how cryptocurrency works and will let the people also feel the pros and cons. The blockchain technology is really an exciting technology that we would love to witness being developed.

What is advanced in paypal, paypal that not all users can have access to, what right do they have to give privilege to some users than others, we have lots of people that would love to use paypal for their business in  my country but cant, because pay-pal limit their use to just sending money alone and cannot receive money which is making them loose lots of international customers. You can not even compare the transaction fee of blockchain technology to that of paypal, paypal is just too expensive.

I am sure that by the time IMF finishes their analysis, they will see a whole lot of crypto merits, I am sorry about this situation in your country, I am sure probably they are following the rules and regulation of your country, your country might be the one not giving paypal the full privilege to operate too, thereby limiting your access to some of their tools, I am sure that a time will come where paypal will be able to resolve this.

I also agree with you that paypal is too expensive compared to the cost of running business using blockchain technology, with all the transactions you will ever do even using centralized exchanges, I think the total that can be deducted as fee from your transaction is 1% which paypal charges 5%, paypal needs to review this if they don’t want crypto payment to really make them redundant.

[slaman29]

What is advanced in paypal, paypal that not all users can have access to, what right do they have to give privilege to some users than others, we have lots of people that would love to use paypal for their business in  my country but cant, because pay-pal limit their use to just sending money alone and cannot receive money which is making them loose lots of international customers. You can not even compare the transaction fee of blockchain technology to that of paypal, paypal is just too expensive.

Well paypal made it easier to send money to someone who doesn't even have paypal. For example, if I want to send BTC to my friend who doesn't have a wallet, it's impossible unless I give him a whole set of private keys, but with PP you can send a gift card or even send them an email with the Paypal balance, and they can sign up and take the balance.

I believe in Bitcoin 100% but I'm not blind to its disadvantages, nor should anyone.