El Salvador’s move to make Bitcoin legal tender has excited the crypto community. However, key players in the global banking system are not impressed. A few days ago, the IMF voiced its opposition to the move by the Central American nation.
The latest to voice its opposition to the move is the World Bank. The World Bank has made it clear that it would not help the country integrate Bitcoin into its financial system. This followed a move by El Salvador’s finance minister to ask for help on the same.
A World Bank spokesperson acknowledged that El Salvador had approached them about this integration. The spokesperson noted that they would not offer any such help. The main reasons the institution offered is the environment and financial transparency.
The World Bank was alluding to the various environmental concerns that have been raised about Bitcoin mining. It also referred to the growing use of cryptocurrencies in financial crimes such as extortion and money laundering.
The global crypto community is not impressed by the reasons offered by the bank, though. The reasons have elicited sharp reactions from some well-known names in crypto circles.
One of those who raised disquiet about the whole issue is Anthony Pompliano. Pompliano tweeted that the bank just hadn’t figured out a way to make money through Bitcoin.
Another major crypto player who weighed in on this issue is Max Keiser. Keiser used several profanities but was basically accusing this global institution of curtailing progress to protect the status quo.