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After El Salvador adopted Bitcoin as legal tender, The World Bank has refused the country’s request for help on its transition.
The World Bank brings up issues with Bitcoin’s environmental impact and transparency and therefore will not aide El Salvador in its adoption of Bitcoin as an official currency in the country.
A World Bank spokesperson commented:
“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, ”
However, the organization did add that it can help El Salvador in other ways, including “currency transparency and regulatory processes.”
On Wednesday, El Salvador Finance Minister Alejandro Zelaya confirmed that they had asked for technical assistance from the World Bank:
The Bitcoin community was not pleased with the World Bank’s refusal, yet not surprised either.
Digital Creek founder and Bitcoin proponent, Anthony Pompliano told his almost 1 million followers that the World Bank still has a long way to go:
Blockstream’s Samson Mow immediately questioned the World Bank’s existence:
El Salvador’s Bitcoin Law set in motion by Nayib Bukele’s has brought a lot of excitement across the globe as it is a first time a country embraces Bitcoin. Nonetheless the world’s traditional institutions are not too keen about the move. Some are worried that it might completely collapse the economy.
In the meantime, the International Monetary Fund (IMF) is not supporting the new El Salvador legislature. The country’s negotiations with the IMF over a $1B loan to support the economy could see a stand-off as a result.
While there is some opposition, things have been put in motion. A lot of crypto companies have rushed in to help El Salvador. Not only is Jack Mallers’ Strike involved to streamline the country’s transition. Athena Bitcoin has stated to assist by quickly providing Bitcoin ATMs across El Salvador.