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|Bitcoin Falls Below $40,000 As World Bank Rejects El Salvador Request by Flazemedia: 9:52pm On Jun 17|
The price of Bitcoin against the United States Dollar (BTC/USD) falls below $40,000 as World Bank rejected a request from El Salvador to help with the implementation of the cryptocurrency as a legal tender.
In an email sent on Wednesday, The Bank said it could not assist El Salvador’s implementation of bitcoin as legal tender due to the environmental impact of bitcoin mining. Research from the Financial Conduct Authority (FCA) revealed an increase in crypto-asset ownership in the UK.
“We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes,” a spokesperson for the international lender told Reuters.
“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.”
This act of El Salvador comes as countries around the world scramble to understand digital currencies.
In the early hour of Thursday, Bitcoin was trading at around $39,167
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