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World Bank rejects El Salvador’s request to help implement bitcoin due to environmental reasons

According to Reuters, the World Bank said on Wednesday it could not assist El Salvador’s bitcoin implementation given environmental and transparency drawbacks.

World Bank rejects El Salvador's request to help implement bitcoin due to environmental reasons

World Bank rejects El Salvador’s request to help implement bitcoin due to environmental reasons

“We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” said a World Bank spokesperson via email.

“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,” a World Bank spokesperson said via email.

On Wednesday, Salvadoran Finance Minister Alejandro Zelaya said his country had approached the bank for technical assistance in order to implement bitcoin alongside the U.S. dollar, according to the Reuters report.

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“We will all die if Bitcoin is adopted,” says economist on Chinese state TV

The use of cryptocurrencies has raised environmental concerns because of the amount of electricity it takes to mine bitcoin, that’s the reason why Tesla stopped accepting bitcoin’s recently.

There are already groups on the internet protesting because the World Bank is going against their own rules for not accepting El Salvador’s measures.

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