/cloudfront-us-east-2.images.arcpublishing.com/reuters/UR6HS3FP5VLU3GKVDXNYGMHZFI.jpg "World Bank rejects El Salvador request for help on bitcoin implementation")
World Bank rejects El Salvador request for help on bitcoin implementation
El Salvador's Finance Minister Alejandro Zelaya speaks during a news conference in San Salvador, El Salvador June 16, 2021. REUTERS/Jose Cabezas
SAN SALVADOR, June 16 (Reuters) - The World Bank said on Wednesday it could not assist El Salvador's bitcoin implementation given environmental and transparency drawbacks.
"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."
Earlier on Wednesday, Salvadoran Finance Minister Alejandro Zelaya said the Central America country had sought technical assistance from the Bank as it seeks to use bitcoin as a parallel legal tender alongside the U.S. dollar.
The minister also said ongoing negotiations with the International Monetary Fund had been successful, although the IMF said last week it saw "macroeconomic, financial and legal issues" with the country's adoption of bitcoin. read more
