Connect with us


The World Bank rejects El Salvador’s request for assistance in implementing bitcoin




SAN SALVADOR, June 16 (Reuters) – The World Bank said Wednesday it could not help implement El Salvador bitcoin given its environmental flaws and transparency.

“We are committed to helping El Salvador in many ways, including currency transparency and regulatory processes,” a World Bank spokesman said in an email.

“As the government approached us for help with bitcoin, this is not something the World Bank can support given its environmental shortcomings and transparency.”

Earlier Wednesday, Salvadorian Finance Minister Alejandro Zelaya said the Central American country had sought technical assistance from the Bank as it seeks to use bitcoin as a parallel legal tender alongside the US dollar.

The El Salvador government did not immediately respond to a request from Reuters regarding the World Bank decision.

The minister also said ongoing negotiations with the International Monetary Fund had been successful, although the IMF said last week that it saw “no macroeconomic, financial and legal issues” with the bitcoin country ‘s approval. Read more

Zelaya said Wednesday that the IMF was not “against” the implementation of bitcoin. The IMF did not respond to a request for comment.

Investors have recently demanded higher premiums to hold Salvadoran debt, amid growing concerns over the termination of the deal with the IMF, the key to fixing budget gaps by 2023.

On Wednesday, the bonds traded across the curve, with 2032 issuing more than 2 cents to 96.25 cents on the dollar. The spread of Salvadoran debt to the US Treasury (.JPMEGDELSR) dropped to 705 basis points after hitting a four-month high of 725 bps on Tuesday.

“There is no quick fix to a solution to an IMF program and even uncertainty whether the Bitcoin proposal is in line with US (or) multilateral diplomatic relations,” said Siobhan Morden, head of Latin America’s revenue strategy. fixed at Amherst Pierpont Securities in New York.

El Salvador this month became the first country to adopt bitcoin as a legal tender, with President Nayib Bukele declaring the potential of the cryptocurrency as a remittance currency for Salvadoran overseas. Read more

This month, Bukele also withdrew from an anti-corruption deal with the Organization of American States, which disappointed the U.S. government, as Washington appears to be banning corruption in Central America as part of its immigration policy.

“Recognizing a ‘Bukele’ risk premium has probably done a permanent damage to investors’ sentiment,” Morden said in her client note.

The market can focus too much on news headlines, however, and not enough on the possibility of a deal with the IMF, said Shamaila Khan, head of EM debt strategies at AllianceBernstein in New York.

“Importers are important for El Salvador to carry out the IMF program. If I lost to them, they would not make the talks,” she said.

“Our view is that the excess risk is priced at these levels.”

Reporting by Nelson Renteria in San Salvador Written by Drazen Jorgic Edited by Matthew Lewis

Our standards: Principles of Trust of Thomson Reuters.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

picture credit


to request, modification Contact us at Here or [email protected]