The country’s military government said recently that it’s considering launching a digital currency to boost its economy, but the World Bank has shot the idea down, saying the country isn’t prepared enough.
Salvadorians have held their ground and rejected the imposition of BTC as legal tender, with fresh protests breaking out a week before Bitcoin Law takes effect.
A spokesperson for the World Bank reportedly said there are too many ‘shortcomings’ in BTC for this to be something they would be willing to assist with in implementation.
The World Bank and the Commonwealth Bank of Australia announced a new bond alternative that makes use of a blockchain to handle the transfer of funds.
The World Bank have joined with CommBank to create a first of its kind process that will be able to record secondary transactions on distributed ledgers.
The IMF and World Bank are teaming up to make a new cryptocurrency to help organizations learn more about blockchain technology.
Since the beginning of this year, exciting activities have taken root all across Africa. However, many believe more needs to be done to help increase crypto adoption on the continent.
World Bank has selected the Commonwealth Bank of Australia (CBA) as the only entity to participate in the trial, which centers on a blockchain-based bond worth $73 million.