November 17, 2021

El Salvador seeks World Bank help for bitcoin implementation

SAN SALVADOR, June 16 (Reuters) – El Salvador has sought assistance from the World Bank as it implements its move to use bitcoin as a parallel legal tender alongside the U.S. dollar, Finance Minister Alejandro Zelaya said on Wednesday.

Zelaya said the Central American country has tapped the World Bank for technical assistance on rules and implementation of the cryptocurrency.

The minister also said ongoing negotiations with the International Monetary Fund have been successful, though the Fund said last week it saw “macroeconomic, financial and legal issues” with the country’s adoption of bitcoin. read more

Zelaya said on Wednesday the IMF is “not against” the bitcoin implementation.

The IMF and the World Bank did not immediately respond to requests for comment.

Investors have recently demanded higher premiums to hold Salvadoran debt, on growing concerns over the completion of the IMF…

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