by Ian Haworth, Daily Wire:
Citing environmental concerns, The World Bank rejected a request from El Salvador to help implement the use of Bitcoin as legal tender.
According to the BBC, the “international lender” also “cited concerns over transparency,” indicating that El Salvador may struggle to meet its deadline of accepting Bitcoin throughout the country within the next three months.
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“We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” a World Bank spokesperson told Reuters. “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,” they added.
As The Washington Post noted, “El Salvador’s finance minister, Alejandro Zelaya, had told reporters Wednesday that the government hoped to receive technical assistance from the World Bank, as well as advice on coming up with standards for the use of the cryptocurrency.”
“The organization distributes billions of dollars to developing nations through loans and grants each year, and its involvement in El Salvador’s bitcoin plan would have been seen as a sign that the experiment was backed by powerful players in the international development world,” The Washington Post added.