World Bank Denies El Salvador Assistance With Bitcoin Adoption

[Stevenphymn]

The World Bank said it could not help El Salvador's authorities with the adoption of bitcoin due to the environmental impact of cryptocurrency mining and transparency concerns. Reported by Reuters.

The bank noted that the El Salvadorian authorities did indeed ask for help.

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“We are committed to helping El Salvador in a variety of ways, including by participating in the transparency of currencies and regulatory processes,” said a World Bank official.

El Salvador this month became the first country to accept Bitcoin as legal tender. President Naib Bukele proposed to legalize cryptocurrency. He believes that such a step will help citizens of the country living outside its borders to make transfers to their families. It is noted that such a step could affect the billion-dollar program of El Salvador with the International Monetary Fund.