The World Bank has rejected El Salvador’s solicitation for assistance on their Bitcoin transition scheme. The country which recently adopted Bitcoin as an official domestic currency has failed in her efforts to gain the assistance of the World Bank for an unhitched crypto changeover.
A representative from World Bank said that its turning down of El Salvador’s appeal was on the ground that Bitcoin affected the environment negatively. He also stated that the Bitcoin industry is not endowed with lots of clarity as regards its market. Based on these reasons, the bank’s mouthpiece said that the international body cannot be linked to schemes with such deficiencies. The bank however asserted that they would assist the country alternatively through playing supervisory role in the processes.
The finance minister of El Salvador had on Wednesday announced that they had solicited for technical aid from the World Bank in other to effectively execute the agendum of making Bitcoin a domestic currency. Most Bitcoin users and miners were dissatisfied with the international body’s rejection of El Salvador’s solicitation but were however not amazed at the bank’s Response.
Bitcoin protagonist; Anthony Pompliano expressed his view in his twitter post. He stated that the World Bank was yet to find ways to amass wealth from the coin, hence the reason for their seeming coldness to the scheme.
Samson Now, the chief strategy officer of the digital ledger technology based company; Blockstream; who also doubles as the founder of Infinite Fleet was annoyed by the news and proposed the abolition of World Bank.
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