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World Bank Says It Cannot Support Bitcoin in Response to El Savaldor's Request for Help

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Thu, 17/06/2021 - 5:31
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World Bank Says It Cannot Support Bitcoin in Response to El Savaldor's Request for Help
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The World Bank has rejected El Salvador’s request for assistance in the tropical nation’s endeavor to integrate Bitcoin into its economy.

A spokesperson for the leading financial institution told Reuters that Bitcoin had “environmental and transparency shortcomings”:     

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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.

Yet, the World Bank is still willing to help El Salvador “in numerous ways.”

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At the same time, El Salvador's Finance Minister Alejandro Zelaya said that the International Monetary Fund (IMF) didn’t oppose the country’s Bitcoin plans despite raising some concerns over them last week.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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