The World Bank has announced that it won’t provide any assistance to El Salvador in implementing bitcoin as a currency. RT’s Boom Bust digs into the reasons why.
According to investigative journalist Ben Swann, the World Bank’s decision, based on claims that bitcoin lacks transparency and that the crypto is environmentally unfriendly, are absurd. He explains that bitcoin and all cryptocurrencies are built on trustless systems, meaning that everything is on an error-proof ledger that allows the public to see whatever is going on.
“There’s a fixed monetary supply of bitcoin. There is no playing with bitcoin in the way fiat currencies are played with all the time. The way the World Bank, the way the IMF, the way the Federal Reserve bank toy with money, toy with economies. Transparency – that’s laughable,” says Swann.
As far as the environment is concerned, Swann points out that the latest statistics show that the banking system consumes twice as much energy as bitcoin mining.
“If the World Bank were being honest, which they’re not. If they were trying to speak from a place of conviction, which they’re not. They would admit that the banking system as it is right now is far worse for the environment than bitcoin is,” he said.
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