The World Bank has crushed El Salvador’s move to legalize bitcoin as legal tender citing cryptos climate impact and lack of transparency.
- El Salvador was the first globally to vote towards making bitcoin a legal tender.
- The World Bank move comes after central banks and regulators globally expressed concerns over use of cryptos to promote money laundering and drug crime.
- A research by Cambridge University found the energy required during the process of creating new bitcoins to be so much and can equal a country’s yearly use.
The rejection of El Salvador’s request by the World Bank is an indicator that implementing bitcoin as a legal tender is easier said than done.
BTCUSD is up 1.05%
Source: Business Insider
