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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, 06/17/2021 - 05:31
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Alex Dovbnya
The World Bank has spurned El Salvador’s request for assistance in implementing Bitcoin
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”:     

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.”

Related
Central America's Biggest Multilateral Development Bank to Help El Salvador with Bitcoin Implementation

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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.