World Bank Rejects El Salvador's Request for Help Implementing Bitcoin as Legal Tender

The World Bank has announced that it refuses to assist El Salvador in implementing Bitcoin as legal tender. World Bank Return Request Salvadoran Finance Minister Alejandro Zelaya said earlier on Wednesday that the Central American country has sought technical assistance from the Bank to use Bitcoin as a parallel legal tender for the US dollar. On Wednesday, El Salvador's finance minister, Alejandro Zelaya, said the Central American country had sought technical assistance from Banco Mundial (World Bank). He said: I would like to announce that we are seeking technical assistance from BancoMundial so that, like BCIE_Org, they can guide El Salvador in implementing and regulating Bitcoin as legal tender. Earlier in the month, the country announced plans to pass legislation making it the only sovereign nation in the world to adopt bitcoin as legal currency. Chairman Nayib Bukele said the government is working on a partnership with digital wallet company Strike to build the necessary infrastructure for the adoption of bitcoin and its technology. The World Bank said it couldn't help El Salvador implement bitcoin given the environmental and transparency disadvantages. "We are committed to helping El Salvador in various ways, including monetary transparency and regulatory processes," said a World Bank spokesperson. “While the government has turned to us for help with bitcoin, this is not something the World Bank can support given its environmental and transparency shortcomings.” El Salvador's intentions to integrate and accept Bitcoin into its financial system may be jeopardized as a result of the World Bank's decision not to support the country. The administration has set a three-month timeline to ensure bitcoin is accepted across the country. The country's Congress approved President Bukele's proposal to adopt Bitcoin and integrate it into the country's financial sector.

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