The World Bank has closed a request from El Salvador to assist the country in implementing bitcoin (BTC, -3%) as legal tender into its national economy.
According to a report by Reuters on Wednesday, the bank, which is an international financial institution that offers grants and loans to low-income countries, said it was “committed to helping El Salvador” for currency transparency and regulatory processes.
“While the government did approach us asking for help on bitcoin, this is not something the World Bank can support given the environmental and transparency deficiencies,” a World Bank spokesperson said by email.
On Wednesday, Salvadoran Finance Minister Alejandro Zelaya said his country had approached the bank for technical assistance to implement bitcoin alongside the US dollar, according to the report.
El Salvador officially recognized crypto as legal tender earlier this month when President Nayib Bukele proposed a bill that was eventually passed through a supermajority in the country’s legislature.