The government of El Salvador officially requested technical advice from the World Bank to adopt bitcoin (BTC) as legal tender. The Salvadoran Finance Minister, Alejandro Zelaya, said today June 16 that the request was made to design a framework of action that allows a correct implementation.
During a press conference, the official also revealed that last week he held a meeting with representatives of the International Monetary Fund (IMF) on the Bitcoin Law. Zelaya assured once again that his country will use BTC as an alternative to the US dollar, not as a replacement.
«I want to announce that we have requested technical assistance from the World Bank so that, like the Central American Bank for Economic Integration (CABEI), accompany El Salvador in the implementation and regulation of bitcoin as legal tender, “said the minister.
Second request for advice on bitcoin
The request before the World Bank is the second of this type that El Salvador makes in relation to bitcoin before a multilateral organization. Last Monday, June 14, the president of the Central American Bank for Economic Integration (CABEI), Dante Mossi, declared that he had received a request for technical assistance from the Salvadoran government, a fact reported by CriptoNoticias.
CABEI’s advice has not yet started, as confirmed by Mossi at a press conference on Monday. The bank is contacting “experts” in Bitcoin to form a working team and offer help to the economic cabinet.
It is striking that the government asks banks for help on bitcoin, regardless of its nature. It has been financial institutions of this type that in the past have questioned the first cryptocurrency and its scope as a store of value.
Mossi said that the institution supports the decision of the President of the Republic , Nayib Bukele, to adopt bitcoin as legal tender. A similar position would be held by the IMF representatives who, according to Zelaya, are not against the measure.
In relation to the 150 million dollar trust that El Salvador would implement to protect the citizens of the volatility of bitcoin, Zelaya explained that it is a convertibility box. “It is not that bitcoins are going to be bought to have them as an international reserve,” declared the minister. This fund would be managed by the Development Bank of El Salvador (Bandesal).
El Salvador is speeding up the pace to adapt a legal framework and a technological infrastructure to mass the use of bitcoin in the daily life of Salvadorans . The Bitcoin Law will take effect 90 days after its publication.