The World Bank said, they could not assist El Salvador's bitcoin execution given for environmental and transparency drawbacks. The government can line up with us for assistance on bitcoin. The international lender cited worries over transparency and the environmental impact of Bitcoin mining. 

El Salvador's government did not instantly respond to a demand from Reuters regarding the World Bank's decision. Before Wednesday, Salvadoran Finance Minister Alejandro Zelaya said the Central American country had sought technical help from the Bank. 

Why is it required? 

The international lender's refusal could hamper the government's aim of making the digital currency accepted through the country within three months. El Salvador's government last week became the first in the world to vote in favor of officially adopting bitcoin. It to apply along with the plans to use it for the U.S. dollar and the nation's official currency 

Finance Minister Alejandro Zelaya stated that the previous Wednesday that the government had asked the World Bank for "technical assistance" in applying the cryptocurrency, per the BBC. Zelaya stated government officials had also held talks with the International Monetary Fund, which he mentioned "not against" the plans. 

What were their words? 

A World Bank representative confirmed to Reuters that "the government did approach us for assistance on bitcoin," but stated it couldn't directly aid "given the environmental and transparency shortcomings" of bitcoin. 

An IMF spokesperson told journalists last week: "Adoption of bitcoin as legal tender raises several macroeconomic, legal and financial issues that require very careful analysis."