If you have not heard about El Salvador, that Latin American country that seemingly cannot do anything right in the eyes of the United States Administration, and the move towards adopting Bitcoin as the national legal tender... Where have you been?
Not only El Salvador, but the African Continent has seen movers towards Bitcoin, Tanzania and Nigeria both mooting a move according to sources, Tanzania being the more forthcoming - however... It seem two very out of fashion elitist financial and legal institutions are chomping at the bit, and rather a touch not happy with any moves from Fiat currency to Cryptocurrency at a national level - namely the usual suspects in, The U.S. Securities and Exchange Commission (SEC) - who in my book are not fit for purpose and stand in the way of innovation - something I thought was illegal in US and Democratic Law.
Also The World Bank stepped in, joining SEC in shunning any move towards Cryptocurrency at nation currency level, the reason for the refusal and disagreement is apparently adopted because of BTC's "environmental and transparency shortcomings."
To Start bleating about the environmental issues of Bitcoin, which are miniscule in comparison to manufacturers of almost every darn thing in either of SEC or World Bank offices, the oil mining and gas mining that heavily fund the World Bank - how bloody rich of them to suggest such garbage - secondly to that... How environmentally friendly is printing cash? Trees, oil, gas, coal, steel.. Are all involved in the acquisition of materials before any ink has hit any paper... Or coinage... Who the heck are these two comedic organisations kidding?
This is I feel is a touch of feeling threatened in the pocket by the World Bank, as for SEC... They should be shut down... Their illegal use of power to stifle technologies advancing has gone too far.
The World Bank are going to have to just swallow it. Word on the vine is that Cryptocurrency is already far in advance of banking sector rules and regs, forming cryptos own varying governance - it has no need for the World Bank... El Salvador could just go down the same path as Brazil, Russia, India, China, and South Africa (BRICS) five economies that broke away from the International Monetary Fund and World Bank... These five nations still trade with the rest of the world, and set their own tariffs and rules.
Let's see how this plays out... So much can happen in the coming weeks, to which I feel BRICS may be getting a call from the El Salvador chiefs.
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