World Bank refuses El Salvador’s request for help on BTC transition

World Bank refuses El Salvador's request for help on BTC transition

“The World Bank has refused to support El Salvador’s request for help in the transition to use Bitcoin as legal tender.
The World Bank has refused El Salvador’s request for help on the country’s transition to adopting Bitcoin as legal tender. It cited issues with Bitcoin’s environmental impact and transparency as reasons why it will not support El Salvador move to adopt Bitcoin as an officially accepted currency . “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, ” a World Bank spokesperson said.The World Bank did note however that it can help El Salvador in other ways, including “currency transparency and regulatory processes.”Earlier on Wednesday, Salvadoran Finance Minister Alejandro Zelaya said the Central America country had sought technical assistance from Banco Mundial (the World Bank). “I want to announce that we have requested technical assistance from @BancoMundial, so that like @BCIE_Org, they can accompany El Salvador in the implementation and regularization of #Bitcoin as legal tender.”Prominent Bitcoiners weren’t pleased with the World Bank’s refusal, but nor were they particularly surprised.Bitcoin proponent Anthony Pompliano tweeted in response to the news that the “World Bank hasn’t figured out how to make money off Bitcoin.”Samson Mow the CSO of blockchain development firm Blockstream, and creator of blockchain game Infinite Fleet, was irritated by the news — and called for The World Bank to be made obsolete. BREAKING: WORLD BANK CANNOT HELP EL SALVADOR MAKE WORLD BANK OBSOLETE.— Samson Mow (@Excellion) June 17, 2021

While President Nayib Bukele’s Bitcoin law has sparked a lot of excitement from Bitcoin proponents across the globe, it has also received a lot of criticism. Yesterday, economist Steve Hanke said that El Salvador using Bitcoin as a legal tender may “completely collapse the economy.” The International Monetary Fund (IMF) is also not keen on El Salvador’s embrace of Bitcoin. Cointelegraph reported on June 11 that it may hamper negotiations with the IMF over a $1B loan to support the country’s economy. IMF spokesman Gerry Rice noted the adoption of Bitcoin presents a number of financial, legal and macroeconomic concerns that require a “very careful analysis”30 foreign business leaders coming to visit Bitcoin Beach tomorrow -to see how they can invest in El Salvador. Just this morning had 2 companies tell us they already have lawyers setting up their legal business entities. @nayibbukele has opened the jobs floodgates #Bitcoin— Bitcoin Beach (@Bitcoinbeach) June 16, 2021

Related: Latin American telecom company accepts crypto payments through BitPayBut some companies are rushing to help. Athena Bitcoin indicated it would move quickly to provide Bitcoin ATMs across El Salvador. On Twitter today, the firm asked Bukele if “1000 ATMs ” were enough, with the President replying in jest “1,000? How about 1,500?”Yesterday, El Salvador’s Minister of Labor and Social Welfare Rolando Castro denied claims that ministry had begun discussing the option to use Bitcoin for employee salary payments, noting that it was “too premature to talk about wages.””

Source: News

Bitcoin investments are exciting – but what about taxes and the tax office?

If you invest in digital currencies, you invest in decentralised investments that organise themselves through millions of investors ¬ across all national borders. Bitcoin&Co have no national identity, they are the currency of the digital age. The difference is that the buyers or sellers of cryptocurrency usually have a passport

Kickstarter To Launch a Blockchain Project Running on Celo

Kickstarter, the world’s most famous crowdfunding platform, wants to dive headfirst into the blockchain world, changing the technology behind its business model while still offering the same user experience. The firm explained in an official blog post that this decision is part of an effort to find better tools to

Animoca Brands’ treasury increased in value by 5X over two months

The firm has enjoyed tremendous success from its early plays on NFT game platforms and metaverses that provide digital equity to its users. Metaverse and blockchain gaming firm Animoca Brands has revealed that its treasury increased in value by more than five times in just two months. Other income, which