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<p>The use of <strong>cryptocurrency </strong>at the state level is not something that an international financial institution is ready to help, since it considers the first <strong>digital coin</strong> not transparent enough.</p>



<p>The <strong>World Bank</strong> said it could not help the El <strong>Salvador</strong> authorities in the transition to the use of <strong>bitcoin</strong>, <a href="https://www.reuters.com/" target="_blank" rel="noreferrer noopener">writes Reuters</a> . </p>



<p>The organization noted that they are ready to provide assistance to the government of El <strong>Salvador</strong>, but the use of <strong>cryptocurrency </strong>at the state level is not something that the World Bank can support due to the lack of transparency and environmental friendliness of <strong>bitcoin</strong>.</p>



<p>On June 16, El <strong>Salvador</strong> Finance Minister <strong>Alejandro Zelaya</strong> reported that the country&#8217;s government has requested technical assistance from the <strong>World Bank</strong> to use <strong>Bitcoin </strong>as legal tender along with the US dollar. </p>



<p>According to <strong>Zelaya</strong>, the International Monetary Fund (IMF) is &#8220;not opposed&#8221; to El <strong>Salvador </strong>converting the economy to <strong>bitcoin</strong>.</p>



<p>On June 10,<a href="https://cointopsecret.com/2021/06/10/the-imf-saw-global-problems-in-the-legalization-of-bitcoin-in-el-salvador/"> IMF spokesman <strong>Jerry Rice</strong> said that there are a number of economic, financial and legal difficulties with the recognition of <strong>bitcoin </strong>as an official means of payment in El <strong>Salvador</strong>.</a></p>



<p> <strong>Steve Hanke</strong>, professor of applied economics at <strong>Johns Hopkins University</strong>, <a href="https://cointopsecret.com/2021/06/16/economist-predicted-the-collapse-of-the-economy-of-el-salvador-due-to-the-adoption-of-bitcoin/">also argued that the adoption of <strong>bitcoin </strong>as a means of payment could completely destroy the economy of El <strong>Salvador</strong>.</a></p>



<p><a href="https://cointopsecret.com/2021/06/10/bitcoin-was-officially-recognized-as-a-means-of-payment-for-the-first-time-what-does-it-mean/">El <strong>Salvador </strong>became the first country in the world to legalize <strong>bitcoin </strong>as an official means of payment. The corresponding decision was made by the country&#8217;s parliament on June 9.</a></p>



<p>The <strong><a href="https://www.worldbank.org/en/home" target="_blank" rel="noreferrer noopener">World Bank</a></strong> is an international financial institution created to provide financial and technical assistance to poor countries.</p>



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