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World Bank rejects El Salvador request for Bitcoin help

El Salvador requested help from the World Bank for becoming a legal tender of Bitcoin and was rejected. The World bank cited concerns over the environmental impact of Bitcoin mining and currency transparency for the rejection. El Salvador had announced plans to be the first nation to formally adopt the currency earlier this month. The World Bank’s decision could make El Salvador face problems to ensure that Bitcoin is accepted nationwide in the next three months. 

The World Bank stated they are committed to helping El Salvador but do not support Bitcoin. El Salvador’s Finance Minister Alejandro Zelaya stated on Wednesday that the country had asked for technical assistance with the implementation of Bitcoin and cited discussions with the international Monetary Fund where the IMF was not against the implementation. Last week, however, the IMF said it saw macroeconomic, financial and legal issues with the adoption of Bitcoin by El Salvador.

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