The World Bank has rejected a request from the state of El Salvador to help implement Bitcoin as an official currency.
The international institution justified the refusal for the lack of transparency and environmental impact that Bitcoin mining.
In early June, the Central American country unveiled plans to become the first country in the world to formally adopt bitcoin as the official currency alongside the US dollar.
The World Bank decision means that El Salvador has problems with the implementation of the currency.
On Wednesday, the Minister of Finance of El Salvador had requested technical support with the implementation of cryptocurrency as an official form of payment.
The country is the first in the world to classify Bitcoin as the official currency while the President describes it as a milestone. One of the reasons for adopting bitcoin as an official currency is the ease of sending abroad with lower cost and higher speed.
El Salvador’s economy relies heavily on remittances which make up 20% of the country’s GDP. / PCWorld Albanian
