According to a report,ReutersThe international financial institution was not eager to help El Salvador adopt bitcoin, as a spokesperson for the World Bank stated:

Although the Salvadoran government has approached us for help with Bitcoin, this is not something the World Bank can support given the environmental shortcomings and lack of transparency.

Bitcoin is bigger than banks:

He told Salvadoran Finance Minister Alejandro Zelaya that his country had requested technical assistance from the World Bank.

Notably, a bill was passed on June 9 to legalize bitcoin, with El Salvador seeking to use bitcoin as a parallel bid alongside the US dollar.

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The Finance Minister stated that the ongoing negotiations with the IMF were successful.

But it turned out later that the IMF was concerned about Bitcoin, citing macroeconomic issues, financial and legal aspects.

Siobhan Morden, Latin America Head of Fixed Income Strategy, told Reuters:

There is no fast track on the IMF assistance program and even uncertainty over whether the Bitcoin proposal is compatible with US diplomatic relations.

For his part, President Najib Bukele is unfazed and plans to move forward with the Bitcoin adoption campaign.

On June 10, he announced plans to harness volcanoes and the country’s abundance of renewable geothermal energy to build bitcoin mining facilities.

On June 14, the government entered into a discussion with local businesses about the possibility of paying salaries in Bitcoin.

In a tweet from President Bukele earlier yesterday, he hinted that more Bitcoin ATMs would be available in El Salvador going forward.

1000? How about 1500?#BTC♻️🌋🇸🇻

– Nayib Bukele 🇸🇻 (nayibbukele) June 16, 2021

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last monday, we published In the Bitcoin Arab about the Central American Bank for Economic Integration (CABEI) and its agreement to work with the government of El Salvador to implement Bitcoin as a second legal currency in the country.

However, not everyone has been supportive and positive about El Salvador’s recent move towards Bitcoin.

Yesterday, Wednesday, the famous economist “Steve Hanke” mocked the El Salvador plan, describing the decision as a very stupid decision and it was influenced by “dark forces” working against the US dollar.

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