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(Axios)   World Bank tells El Salvador they know a fraud scheme when they see it, reject attempt to implement Bitcoin virtual pogs   (axios.com) divider line
    More: Spiffy, Currency, World Bank, country implement Bitcoin, Money, El Salvador, government of El Salvador, heat wave, United States dollar  
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408 clicks; posted to Business » on 17 Jun 2021 at 3:24 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-06-17 3:28:57 PM  
The World Bank has rejected the government of El Salvador's request to help the country implement Bitcoin as legal tender, Reuters first reported late Wednesday.

They just need the useless banksters who are being eliminated by Crypto to help them set up Crypto, thereby showing the power of Crypto to eliminate useless banksters as long as the banksters do all the work.  Crypto!
 
2021-06-17 3:29:17 PM  
A World Bank spokesperson confirmed to Reuters that "the government did approach us for assistance on bitcoin," but said it couldn't directly help "given the environmental and transparency shortcomings" of bitcoin.

Seems like a reasonable enough position to take. It would be like throwing money at your stoner nephew so he "can start a landscaping business".
 
2021-06-17 3:41:20 PM  

HotWingConspiracy: A World Bank spokesperson confirmed to Reuters that "the government did approach us for assistance on bitcoin," but said it couldn't directly help "given the environmental and transparency shortcomings" of bitcoin.

Seems like a reasonable enough position to take. It would be like throwing money at your stoner nephew so he "can start a landscaping business".


It's about power. How can World Bank demand changed to the economy of a country in exchange for loans if the country uses Bitcoin?
 
2021-06-17 3:48:10 PM  

TedCruz'sCrazyDad: HotWingConspiracy: A World Bank spokesperson confirmed to Reuters that "the government did approach us for assistance on bitcoin," but said it couldn't directly help "given the environmental and transparency shortcomings" of bitcoin.

Seems like a reasonable enough position to take. It would be like throwing money at your stoner nephew so he "can start a landscaping business".

It's about power. How can World Bank demand changed to the economy of a country in exchange for loans if the country uses Bitcoin?


El Salvador went to them for "technical assistance" (loan), it's not like the world bank is pulling some previously agreed to funds. This would have been their chance to put El Salvador's bitcoin experiment under their purview and they declined.

Bitcoin isn't going to be their official currency anyhow.
 
2021-06-17 3:52:20 PM  

HotWingConspiracy: TedCruz'sCrazyDad: HotWingConspiracy: A World Bank spokesperson confirmed to Reuters that "the government did approach us for assistance on bitcoin," but said it couldn't directly help "given the environmental and transparency shortcomings" of bitcoin.

Seems like a reasonable enough position to take. It would be like throwing money at your stoner nephew so he "can start a landscaping business".

It's about power. How can World Bank demand changed to the economy of a country in exchange for loans if the country uses Bitcoin?

El Salvador went to them for "technical assistance" (loan), it's not like the world bank is pulling some previously agreed to funds. This would have been their chance to put El Salvador's bitcoin experiment under their purview and they declined.

Bitcoin isn't going to be their official currency anyhow.


They don't even have an official currency.
 
2021-06-17 3:55:38 PM  

TedCruz'sCrazyDad: HotWingConspiracy: TedCruz'sCrazyDad: HotWingConspiracy: A World Bank spokesperson confirmed to Reuters that "the government did approach us for assistance on bitcoin," but said it couldn't directly help "given the environmental and transparency shortcomings" of bitcoin.

Seems like a reasonable enough position to take. It would be like throwing money at your stoner nephew so he "can start a landscaping business".

It's about power. How can World Bank demand changed to the economy of a country in exchange for loans if the country uses Bitcoin?

El Salvador went to them for "technical assistance" (loan), it's not like the world bank is pulling some previously agreed to funds. This would have been their chance to put El Salvador's bitcoin experiment under their purview and they declined.

Bitcoin isn't going to be their official currency anyhow.

They don't even have an official currency.


Ok. They aren't making it bitcoin, so the World Bank will still be free to expend whatever leverage they currently enjoy when El Salvador comes to them for loans.
 
2021-06-17 4:41:33 PM  

TedCruz'sCrazyDad: HotWingConspiracy: A World Bank spokesperson confirmed to Reuters that "the government did approach us for assistance on bitcoin," but said it couldn't directly help "given the environmental and transparency shortcomings" of bitcoin.

Seems like a reasonable enough position to take. It would be like throwing money at your stoner nephew so he "can start a landscaping business".

It's about power. How can World Bank demand changed to the economy of a country in exchange for loans if the country uses Bitcoin?


This.

It'll be odd to see how the IMF handles more adoption. Paraguay is doing what El Salvador did next month. (Not sure if itll pass. Dont know aboutpower structure)
 
2021-06-17 5:59:06 PM  

TedCruz'sCrazyDad: HotWingConspiracy: TedCruz'sCrazyDad: HotWingConspiracy: A World Bank spokesperson confirmed to Reuters that "the government did approach us for assistance on bitcoin," but said it couldn't directly help "given the environmental and transparency shortcomings" of bitcoin.

Seems like a reasonable enough position to take. It would be like throwing money at your stoner nephew so he "can start a landscaping business".

It's about power. How can World Bank demand changed to the economy of a country in exchange for loans if the country uses Bitcoin?

El Salvador went to them for "technical assistance" (loan), it's not like the world bank is pulling some previously agreed to funds. This would have been their chance to put El Salvador's bitcoin experiment under their purview and they declined.

Bitcoin isn't going to be their official currency anyhow.

They don't even have an official currency.


From TFA it says "with plans to use it alongside the U.S. dollar, the nation's official currency."
 
2021-06-17 9:43:24 PM  

Lochaber_Axe: TedCruz'sCrazyDad: HotWingConspiracy: TedCruz'sCrazyDad: HotWingConspiracy: A World Bank spokesperson confirmed to Reuters that "the government did approach us for assistance on bitcoin," but said it couldn't directly help "given the environmental and transparency shortcomings" of bitcoin.

Seems like a reasonable enough position to take. It would be like throwing money at your stoner nephew so he "can start a landscaping business".

It's about power. How can World Bank demand changed to the economy of a country in exchange for loans if the country uses Bitcoin?

El Salvador went to them for "technical assistance" (loan), it's not like the world bank is pulling some previously agreed to funds. This would have been their chance to put El Salvador's bitcoin experiment under their purview and they declined.

Bitcoin isn't going to be their official currency anyhow.

They don't even have an official currency.

From TFA it says "with plans to use it alongside the U.S. dollar, the nation's official currency."


That makes no sense.
 
2021-06-17 11:16:19 PM  
El Salvador's major industry is MS13 and its major export is refugees, so I doubt their monetary policy regarding Bitcoin is well thought out.
 
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