World Bank says it cannot assist El Salvador bitcoin implementation

The World Bank said on Wednesday it cannot assist El Salvador’s bitcoin implementation given environmental and transparency shortcomings.

“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.”

The World Bank wishes to stay away from anything which is not in their control.

Bitcoin is framed as a highly speculative asset and Bitcoin is decentralized which means no government authority can control it.

So it comes as no surprise that the World Bank doesn’t want to support an asset that is decentralized.