The World Bank has been accused of hypocrisy and ignorance for stating that it will not assist El Salvador’s President Nayib Bukele’s plan to create a Bitcoin (BTC)-backed economy. The bank had rejected a request for assistance in El Salvador’s transition to using Bitcoin as a legal tender. The World Bank cited issues with Bitcoin’s environmental impact and transparency as reasons why El Salvador did not support the move to adopt Bitcoin as an officially accepted currency.
According to Reuters, a World Bank spokesperson said that El Salvador had applied to him for assistance, but the bank rejected the request, saying:
“We are committed to helping El Salvador in various ways, including monetary transparency and regulatory processes. While the government has turned to us for help with bitcoin, this is not something the World Bank can support given its environmental and transparency shortcomings.”
“Hypocritical and ignorant”
The statement sparked backlash, as the World Bank has invested billions of dollars in fossil fuels, despite pleas from European authorities to stop funding such projects.
An April 1 Bloomberg article included evidence that the World Bank has spent over $2 billion on such projects in the past two years alone.
Some other crypto supporters have questioned what “transparency concerns” the organization is citing since Bitcoin is “literally a public ledger.” And they expressed concern whether the news would affect “El Salvador’s resolve.
Messari co-founder Dan McArdle also questioned claims of “transparency”, adding:
“While environmental concerns are greatly exaggerated, at least this is a complex issue. But transparency? The World Bank exposes quite a bit of ignorance here.”
Author and BTC commentator Jeff Booth was also adamant:
“Trying to control a narrative through an outright lie and as more people understand the truth will be badly blown away.”
And, according to La Prensa Gráfica, Zelaya from the Central American Bank for Economic Integration (or BCIE) has confirmed its involvement in Bitcoin adoption plans. As reported, the head of BCIE stated that the organization is ready to “provide technical assistance” to El Salvador’s finance chief and central bank and to assemble a “team to work on implementation”. Zelaya noted that the organization “unofficially” sent El Salvador a profile of one of the advisors who could provide technical assistance in implementing bitcoin.
The Finance Minister said: “There will be a multidisciplinary group working on the issue.”