World Bank rejects El Salvador’s request to help implement Bitcoin
The World Bank has rejected a request from El Salvador to help with the implementation of Bitcoin as legal tender.
The international lender cited concerns over transparency and the environmental impact of Bitcoin mining.
Earlier this month, the Central American country announced plans to become the first nation to formally adopt digital currency.
The World Bank’s decision could mean the country faces problems in hitting its deadline to ensure that Bitcoin is accepted nationwide in the next three months.
El Salvador has become the first county to adopt Bitcoin as a legal tender
Earlier El Salvador’s President Nayib Bukele sent a law to the country’s congress proposing to make Bitcoin legal tender – that was then passed.
If approval makes El Salvador the first nation in the world to give cryptocurrency this status.
Under the legislation, prices can be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax.
Salvadorian President Nayib Bukele announced in a video recording shown during the Bitcoin 2021 conference held in Miami that he has a strong belief in cryptocurrency.
“It will bring financial inclusion, investment, tourism, innovation and economic development for our country,”BUKELE SAID IN A TWEET SHORTLY BEFORE THE VOTE IN CONGRESS, WHICH IS CONTROLLED BY HIS PARTY AND ALLIES.
Bukele added that the use of Bitcoin would not bring risks to users.
“The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction,”
El Salvador’s dollarized economy relies heavily on money sent back from workers abroad. World Bank data showed remittances to the country made up nearly $6 billion or around a fifth of GDP in 2019, one of the highest ratios in the world.
Sam Bankman-Fried accused of conspiring to bribe Chinese officials
The charge is added to his list of indictments since the collapse of FTX
The founder of now bankrupt crypto exchange FTX was accused by Manhattan federal prosecutors on Tuesday of conspiring to bribe Chinese government officials with $40 million worth of payments.
The new charge adds pressure on the 31-year-old former billionaire, who now faces a 13-count indictment over the November collapse of FTX.
Prosecutors had previously accused Bankman-Fried of stealing billions of dollars in customer funds to plug losses at his Alameda Research hedge fund, and orchestrating an illegal campaign donation scheme to buy influence in Washington.
He has pleaded not guilty to eight of the 12 prior counts he faces.
The latest indictment accuses Bankman-Fried of ordering a $40 million cryptocurrency payment to a private wallet from Alameda’s main trading account, to persuade Chinese authorities to unfreeze Alameda accounts with more than $1 billion of cryptocurrency.
A spokesman for Bankman-Fried declined to comment. China’s foreign ministry could not immediately be reached for comment after business hours in Beijing. The Chinese embassy in Washington, D.C. did not immediately respond to a request for comment.
Bankman-Fried – who has been confined to his parents’ Palo Alto, California, home ahead of his October trial – is expected to be arraigned Thursday on the latest charge.
The judge on Tuesday also approved modifications to Bankman-Fried’s $250 million bail package, which include the use of a cell phone without internet connection and a laptop with limited functions.
Celebrities busted over illegal crypto scheme
Agreements have been settled without admitting guilt
Eight celebrities have been busted over allegations they’ve been participating in an illegal crypto scheme.
The stars, including Lindsay Lohan, Logan Paul and Soulja Boy, were all charged following an investigation by the U.S. Securities and Exchange Commission.
Lohan and Paul have reportedly settled the matter without admitting guilt.
But, regardless, it’s just another bad look for the already embattled crypto industry.
Crypto fugitive Do Kwon arrested in Montenegro
He was carrying falsified documents at an airport
One of the world’s most wanted crypto fugitives has been arrested in Montenegro.
It’s a long way from home for South Korean entrepreneur Do Kwon, who’s accused of orchestrating a multi-billion-dollar fraud scheme.
Kwon was connected to the TerraUSD stablecoin, which saw $40 billion erased from its holders.
He was reportedly arrested at an airport after carrying falsified documents.
It follows a red notice being issued by South Korea last September.
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