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World Bank did not accept El Salvador’s request.

World Bank did not accept El Salvador's request

El Salvador requested help in the transition to using Bitcoin as legal tender. The World bank refused the request stating Bitcoin’s environmental impact and transparency as reasons. The World Bank also noted that it could help El Salvador in other ways.

Alejandro Zelaya

The other ways include currency transparency and regulatory processes. Alejandro Zelaya, the Salvadoran finance minister, said that Central America had sought technical assistance from Banco Mundial (the World Bank).

Prominent Bitcoiners

Prominent Bitcoiners are not happy with the world bank’s refusal. However, they were not particularly surprised. Anthony Pompliano, the Bitcoin proponent, tweeted in response to the news. He also said that World Bank hasn’t figured out how to make money off Bitcoin.

Samson Mo

Samson Mo is the CSO of blockchain development firm Blockstream. He is also the creator of the blockchain game infinite fleet.

President Nayib Bukele’s Bitcoin law

The news irritated Mo a lot. In addition, he called for the World Bank to be made obsolete. Though President Nayib Bukele’s Bitcoin law sparked a lot of excitement from Bitcoin proponents worldwide, it also received criticism.

Steve Hanke

Steve Hanke, an economist, said that El Salvador using Bitcoin as a legal tender might completely collapse the economy. Moreover, the International Monetary Fund IMF is also not keen on El Salvador’s embrace of Bitcoin.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.