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.
