El Salvador joins the wall because the World Bank rejects it to help with the Bitcoin request
El Salvador joins the wall because the World Bank rejects it to help with the Bitcoin request
- The World Bank rejected an application from El Salvador as a legal means of payment when the transition of Bitcoin.
- As the reason for the non-interference, the bank mentions environmental and transparency defects of the digital assets.
Market leaders warned that El Salvador would be shot from the international community because of his acceptance of Bitcoin. This is already evident from the fact that the World Bank rejects a request from the state. In his request, El Salvador Support At his transition to make Bitcoin a legal means of payment. The International Committee led the technology and transparency deficiencies in the technology not to support the state in its efforts.
el Salvador officially approved Bitcoin as a legal means of payment at the beginning of this month. While the step in the crypto community was widely celebrated, there was criticism from some economic experts. One of them is the renowned economist Steve Hanke, professor of applied economics at John Hopkins University in Maryland. The economist described the decision as stupid and found that it would have profound consequences for the economy.
also read: The President of El Salvador is "stupid" for the introduction of Bitcoin as a legal means of payment: The renowned economist Steve Hanke
Before that, however, the country is already fighting with the implementation of Bitcoin. Although the crypto community has promised to support the country in the introduction of Bitcoin, the government still needs the support of the international community. As such, the World Bank asked for support to help them make Bitcoin a legal means of payment. In response to this, the World Bank rejected the application.
A spokesman for the bank said in an interview:
Although the government has asked us for help at Bitcoin, the World Bank cannot support this in view of the environmental and transparency defects.
el Salvador asked the bank for technical support and regulatory clarity to advance its plan.
Although the bank has declared that it cannot support the state in this regard, it has made it clear that it will support in other ways, including "currency transparency and regulatory processes".
crypto community reacts to the rejection of the World Bank
After the rejection, the crypto community quickly criticized the international committee. The prominent Bitcoin advocate Anthony Pompliano accused the bank of not supporting the step because they cannot capitalize and earn money. "The World Bank has not found out how to earn money with Bitcoin," said the founder of Pomp Investments Twitter .
The CSO of the blockchain development company Blockstream, Samson Mow, also found that the World Bank El Salvador could not help to introduce technologies that could make the international committee absolutely.
The rejection is not surprising for most in the community. International bodies have long been critical of digital assets. Their reasons range from environmental pollution to their use to finance illegal activities. With increasing acceptance, which now comprises as much as a nation, the international bodies will come under pressure to change their views or find a problem.
Source: Crypto-news-flash.com
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