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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.”

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