You’re on your own, bub! The World Bank has denied a request from El Salvador for technical assistance in implementing Bitcoin as a legal tender.
And guess what the financial institution cited as the reason?
The country very recently became the first in the world to officially recognize the crypto as legal tender, when president Nayib Bukele proposed a bill earlier this month. It was passed via supermajority in the country’s legislature.
Anyway, back to the World Bank affair.
As reported by Reuters, Salvadoran finance minister Alejandro Zelaya revealed that his country had approached the bank for technical assistance in order to implement Bitcoin alongside the US dollar. You know, the usual.
However, the bank, which is an international financial institution offering grants and loans to low-income countries, rejected the request. And it cited environmental concerns, because of the amount of electricity it takes to mine Bitcoin.
A World Bank spokesperson said via email:
“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.”
The organization did say that it was committed to helping El Salvador with regards to currency transparency and regulatory process. Which is basically another way to say that the Central American nation is on its own here.
Oh well, unchartered waters it is.
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