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    Home » El Salvador Efforts to Legalize Bitcoin Crushed by the World Bank
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    El Salvador Efforts to Legalize Bitcoin Crushed by the World Bank

    June 17, 20211 Min Read
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    El Salvador Efforts to Legalize Bitcoin Crushed by the World Bank
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    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

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