The World Bank has shut down a request from El Salvador to assist the country in implementing bitcoin as legal tender into its national economy.
According to a report by Reuters on Wednesday, the bank, which is an international financial institution offering grants and loans to low-income countries, said it was “committed to helping El Salvador” for currency transparency and regulatory process.
“While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings,” said a World Bank spokesperson via email.
On Wednesday, Salvadoran Finance Minister Alejandro Zelaya said his country had approached the bank for technical assistance in order to implement bitcoin alongside the U.S. dollar, per the report.
El Salvador officially recognized the crypto as legal tender earlier this month when President Nayib Bukele proposed a bill that was eventually passed via supermajority in the country’s legislature.