World Bank Does Not Want Any Part In BTC Revolution Of El Salvador
This article features Government Accountability Project and was originally published here.
In recent news, the World Bank has now refused to take part in the so-called ‘Bitcoin (BTC) revolution’ currently being spearheaded by El Salvador following President Bukele’s decision to legalise the digital asset in his native country. The World Bank will not be helping the small Latin American nation to successfully integrate BTC into the country’s own respective financial infrastructure.
The World Bank is not the only institution that remains cautious of El Salvador and the decision to have BTC be considered as legal tender, as it is becoming increasingly transparent that various governments all over the world would rather stick with the old, tried and tested methods of global finance and would therefore rather not get involved in supporting the crypto industry. There are some who remain supportive, though, such as Mexico, Paraguay, and even certain states and cities within the U.S itself, such as Miami and Texas, the latter of which has become the destination for miners fleeing China as of late.
No help will be provided
The reason why the World Bank will not help El Salvador is that it believes the flagship cryptocurrency has too many ‘transparency and environmental-related shortcomings’. It should be mentioned that the global financial institution is not completely abandoning the small country, though, as the commitment to help El Salvador in terms of currency transparency as well as regulation is still very much on the table. However, when it comes to Bitcoin and cryptocurrencies, there will not be any assistance provided.
Alejandro Zelaya, the country’s Finance Minister, had been the one to ask the World Bank for help in integrating BTC. Now though, he and his other colleagues have yet to make any kind of public response as far as the World Bank’s decision to not provide any assistance with BTC implementation goes. Nevertheless, this did not stop numerous BTC advocates from speaking out on the matter, with Anthony Pompliano, in particular, criticizing the World Bank for refusing to help out simply because the institution has yet to discover how to exploit Bitcoin for its own benefit and monetary gains.
World Bank not as innocent as it might proclaim
The World Bank essentially has two primary functions, namely to put an end to poverty and to promote prosperity shared by everyone in a meaningful and sustainable manner. However, cases of corruption had been highlighted at the institution in 2006 via a 4-month investigation conducted by the GPA (Government Accountability Project).
This is important to note because although the World Bank has outright refused to help out El Salvador for seemingly just and viable reasons, there might nevertheless be more than meets the eye here.