(MarketsInsider) Climate impacts of bitcoin and its limited transparency has seen the World Bank reject a request by El Salvador to turn the digital token to the legal tender.
Alejandro Zelaya, El Salvador’s finance minister, confirmed that the country had asked the World Bank for technical assistance in making the move become a reality.
The computing process that secures the bitcoin network and creates new digital tokens has been seen as energy-intensive.
Last week, El Salvador was the first country in the world to vote to make bitcoin the legal tender.
The decline of El Salvador’s request is a sign that implementing bitcoin as a national tender is not an easy task.
The rejection by World Bank is a blow to bitcoin becoming mainstream, as regulators across the world are also concerned of the risks posed by the digital token.
BTCUSD is up +1.03%.
