Skip to main content

World Bank Rejects El Salvador's Plea For Assistance On The Country's Transformation to Making Bitcoin a Legal Tender?


 

The World Bank has rejected El Salvador’s plea for assistance on the country’s transformation to making Bitcoin a legal tender in their country.


It referred to matters like the environmental effect and Bitcoin's lucidity as basis why it won't brace El Salvador decision to accept Bitcoin as a legal tender.


"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, " a World Bank spokesperson said.


Nevertheless, World Bank offered to help in various other ways like  “currency transparency and regulatory processes."


During the early hours of Wednesday, Salvadoran Finance Minister Alejandro Zelaya said the Central America country had sought scientific support from Banco Mundial (the World Bank).


"I want to announce that we have requested technical assistance from @BancoMundial, so that like @BCIE_Org, they can accompany El Salvador in the implementation and regularization of #Bitcoin as legal tender."


Well known Bitcoiners weren’t delighted with the World Bank's turndown, they weren't astonished neither.


An advocate of Bitcoin, Anthony Pompliano tweeted as regards to the news “World Bank hasn’t figured out how to make money off Bitcoin.”


Samson Mow, the CSO of blockchain development firm Blockstream, and creator of blockchain game Infinite Fleet, was hurt by the news — and called for The World Bank to be made obsolete.


Although Bitcoin advocates around the world has showed a lot of exhilaration because of President Nayib Bukele's Bitcoin law, a lot of condemnation has also been encountered.


Economist Steve Hanke said  yesterday that El Salvador choosing Bitcoin as a legal tender might “completely collapse the economy.”


The International Monetary Fund (IMF) is also not perceptive on El Salvador's take up of Bitcoin. Cointelegraph reported on June 11 that it may hinder agreements with the IMF over a $1B loan to aid the country’s economy.


Yesterday, El Salvador’s Minister of Labor and Social Welfare Rolando Castro declared untrue the asserts that ministry had begun considering the use of Bitcoin to pay salaries of employees, stating that it was “too premature to talk about wages.”

Comments

Popular posts from this blog

  Pick a niche The Blockchain and Crypto space is large and full of opportunities. Most people limit the industry to just a place to trade and make quick cash little do they know that you can actually build a career and achieve much more. There's a lot of skills required in blockchain technology. Firstly, you can become a trader, a day time trader or night trade it all depends on your schedule. You can actually make 10 to 20% of your capital daily or even more depending on the volume of your capital and trading strategy. you can become an investor who spots good coins and invests in a project you believe will do well, you can hodl, meaning you can buy and hold for short or long term period.  OTC trading is actually underrated, you can become an over the counter trader by just buying and selling cryptocurrency through the P2P Platforms or escrow groups, there's a lot of money to be made here if you move volumes on a daily. You can become an expert in technical analysis and give
WHAT YOU NEED TO KNOW ABOUT  NON FUNGIBLE TOKENS NFTs (or "non-fungible tokens") are a kind of digital asset with a unique kind of token-unlike other assets like bitcoin and dollar bills which have a particular and fixed amount that is accepted by all, NTFS have a unique price for every token. Every NFT is Unique, they can be used to authenticate ownership of digital assets like musical records, artwork, virtual real estates and pets. NFTs could be likened to a kind of certificate of authenticity for digital artefacts. They're are actually been used to sell a huge range of collectables currently including: *A tweet by Dallas Mavericks owner and entrepreneur Mark Cuban. *Video art by Grimes *The Original "Nyan cat" meme *Virtual real Estate in a place called Decentraland  and others...   As other digital assets like Bitcoin and other cryptos has grown in popularity over the years, NFTs have also soared — growing to an estimated $338 million in 2020. Each NFT is s

Understanding Tokens And Coins

WHAT ARE COINS AND TOKENS In cryptocurrency, coins are native to their own blockchain, Which are often used as money. whilst tokens have been built on another blockchain like Ethereum or waves. Entering the cryptocurrency market can be complicated, hearing about bitcoin and a thousand other coins that exist could also be a strong bone to swallow at a time. Thus in other to have a smooth ride in the space, first identify the difference between a coin and a token. what is a coin? : Coins refer to any cryptocurrency that has an independent blockchain-like bitcoin. These cryptocurrencies are built from the scratch. Bitcoin exists as a censorship-resistant store of value, and medium of exchange that has a secure, fixed monetary policy. Making bitcoin the most liquid cryptocurrency in the market and has the highest market cap in the cryptocurrency sector. Ethereum is another example of a coin, ETH is the native coin of the Ethereum ecosystem and smart contract platform for creating general-