{"id":568027,"date":"2021-06-18T14:52:02","date_gmt":"2021-06-18T18:52:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=568027"},"modified":"2021-06-18T14:52:04","modified_gmt":"2021-06-18T18:52:04","slug":"world-bank-refuses-to-support-el-salvador-bitcoin-rollout-citing-environmental-concerns","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/world-bank-refuses-to-support-el-salvador-bitcoin-rollout-citing-environmental-concerns\/","title":{"rendered":"World Bank Refuses To Support El Salvador Bitcoin Rollout, Citing Environmental Concerns"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fworld-bank-refuses-to-support-el-salvador-bitcoin-rollout-citing-environmental-concerns%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=568027&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1093465778-1200x800-1.jpg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>Citing environmental concerns, The World Bank rejected a request from El Salvador to help implement the use of Bitcoin as legal tender.<\/span><\/p>\n<p><span>According to the <\/span><a href=\"https:\/\/www.bbc.com\/news\/business-57507386\"><span>BBC<\/span><\/a><span>, the \u201cinternational lender\u201d also \u201ccited concerns over transparency,\u201d indicating that El Salvador may struggle to meet its deadline of accepting Bitcoin throughout the country within the next three months.<\/span><\/p>\n<p><span>\u201cWe are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,\u201d a World Bank spokesperson told Reuters. \u201cWhile the government did approach us for assistance on Bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings,\u201d they added.<\/span><\/p>\n<p><span>As <\/span><a href=\"https:\/\/www.washingtonpost.com\/world\/2021\/06\/17\/world-bank-bitcoin-el-salvador\/\"><span>The Washington Post<\/span><\/a><span> noted, \u201cEl Salvador\u2019s finance minister, Alejandro Zelaya, had told reporters Wednesday that the government hoped to receive technical assistance from the World Bank, as well as advice on coming up with standards for the use of the cryptocurrency.\u201d<\/span><\/p>\n<p><span>\u201cThe organization distributes billions of dollars to developing nations through loans and grants each year, and its involvement in El Salvador\u2019s bitcoin plan would have been seen as a sign that the experiment was backed by powerful players in the international development world,\u201d The Washington Post added.<\/span><\/p>\n<p><span>El Salvador <\/span><a href=\"https:\/\/www.dailywire.com\/news\/el-salvador-makes-history-becomes-first-country-to-make-bitcoin-legal-tender\"><span>made history<\/span><\/a><span> last week, as the country\u2019s legislature passed a law making Bitcoin legal tender in the Central American nation.<\/span><\/p>\n<p><span>\u201cThe designation allows bitcoin, the world\u2019s largest cryptocurrency by market value, to be used to pay taxes. Businesses would also be obligated to accept bitcoin for payment, though those without the ability to process those payments would be exempt, according to the bill. Converting bitcoin into other currencies will no longer be subject to capital gains tax,\u201d explained <\/span><a href=\"https:\/\/www.wsj.com\/articles\/el-salvador-becomes-first-country-to-approve-bitcoin-as-legal-tender-11623234476#:~:text=El%20Salvador's%20legislative%20body%20passed,be%20used%20to%20pay%20taxes.\"><span>The Wall Street Journal<\/span><\/a><span>. \u201cTo allow the automatic convertibility of bitcoin to U.S. dollars, El Salvador\u2019s government said it would set up a trust at the Development Bank of El Salvador. The Latin American country, one of the region\u2019s poorest, has struggled over the years to manage its finances and has used the U.S. dollar as its official currency since 2001.\u201d<\/span><\/p>\n<p><span>According to El Salvador\u2019s government, the use of cryptocurrency could fuel \u201cfinancial inclusion,\u201d with the bill noting that \u201c70% of its population doesn\u2019t have access to traditional financial services.\u201d<\/span><\/p>\n<p><span>Environmental concerns regarding cryptocurrency \u2014 specifically, the mining of cryptocurrency \u2014 is not unfounded. Researchers at Cambridge University <\/span><a href=\"https:\/\/www.dailywire.com\/news\/as-prices-surge-bitcoin-now-reportedly-consumes-more-electricity-than-argentina-netherlands-and-uae\"><span>found in February<\/span><\/a><span> that, in terms of annual energy consumption, Bitcoin now consumes more power than Argentina, the Netherlands, and the United Arab Emirates, at 121.36 TWh. According to Digiconomist\u2019s Bitcoin Energy Consumption Index, a <\/span><a href=\"https:\/\/digiconomist.net\/bitcoin-energy-consumption\"><span>tool<\/span><\/a><span> created by data scientist Alex de Vries, Bitcoin now has a \u201ccarbon footprint comparable to that of New Zealand,\u201d producing an estimated 36.95 megatons of C02 per year.<\/span><\/p>\n<p><span>Senator Elizabeth Warren slammed Bitcoin in this context in early June, saying \u201cBitcoin requires so much computing activity that it eats up more energy than entire countries.\u201d<\/span><\/p>\n<p><span>\u201cOne of the easiest and least disruptive things we can do to fight the [Climate Crisis] is to crack down on environmentally wasteful cryptocurrencies,\u201d Warren added,<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"8.3492063492063\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin requires so much computing activity that it eats up more energy than entire countries. One of the easiest and least disruptive things we can do to fight the <a href=\"https:\/\/twitter.com\/hashtag\/ClimateCrisis?src=hash&#038;ref_src=twsrc%5Etfw\">#ClimateCrisis<\/a> is to crack down on environmentally wasteful cryptocurrencies. <a href=\"https:\/\/t.co\/derGr1bjuq\">pic.twitter.com\/derGr1bjuq<\/a><\/p>\n<p>\u2014 Elizabeth Warren (@SenWarren) <a href=\"https:\/\/twitter.com\/SenWarren\/status\/1402725005113364486?ref_src=twsrc%5Etfw\">June 9, 2021<\/a><\/p>\n<\/blockquote>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Citing environmental concerns, The World Bank rejected a request from El Salvador to help implement the use of Bitcoin as legal tender.According to the BBC, the \u201cinternational lender\u201d also \u201ccited &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2280706,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1093465778-1200x800-1.jpg","fifu_image_alt":"World Bank Refuses To Support El Salvador Bitcoin Rollout, Citing Environmental Concerns","footnotes":""},"categories":[],"tags":[],"class_list":["post-568027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/06\/GettyImages-1093465778-1200x800-1.jpg","fifu_image_alt":"World Bank Refuses To Support El Salvador Bitcoin Rollout, Citing Environmental Concerns","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/568027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=568027"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/568027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2280706"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=568027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=568027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=568027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}