World Bank Blocks El Salvador’s Request for BTC Technical Assistance
The World Bank has denied a request for help from El Salvador in implementing bitcoin as legal tender. Making the case more ridiculous is that the reason being environmental concerns.
The World Bank has blocked a request from the Central American country to assist them in implementing bitcoin (BTC) as legal tender into its national economy.
According to a Reuters report on Wednesday, the World Bank, which is an international financial institution offering grants and loans to low-income countries, said it was “committed to helping El Salvador” for currency transparency and regulatory process.
“While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings,” said a World Bank spokesperson via email.
On Wednesday, Salvadoran Finance Minister Alejandro Zelaya said his country had approached the bank for technical assistance in order to implement bitcoin alongside the U.S. dollar, per the report.
El Salvador officially recognized the crypto as legal tender earlier this month when President Nayib Bukele proposed a bill that was eventually passed via supermajority in the country’s legislature.
In all honesty, El Salvador might be better off moving on without the World Bank.
