The World Bank has said it cannot help El Salvador spread Bitcoin as a second legal tender, citing transparency and environmental concerns, Reuters has reported. The organization has stated:
"We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes. 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."
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El Salvador's Minister of Finance, Alejandro Zelaya, has confirmed the country's authorities have turned to the World Bank for technical assistance. He has also described the ongoing negotiations with the International Monetary Fund (IMF) as successful.
The IMF said last week it had started talks with the Salvadoran authorities, as the law they passed to legalize Bitcoin was of concern to the organization. According to the minister, the IMF is "not against" the introduction of Bitcoin.