VANCOUVER, BC / ACCESSWIRE / June 28, 2021 /Netcoins.ca, a subsidiary of BIGG Digital Assets (CSE: BIGG) (OTCQX: BBKCF) today released a statement challenging the World Bank’s stance on El Salvador’s cryptocurrency plan. According to this article by Ars Technica, the World Bank opposes the Central American country’s efforts to officially recognize Bitcoin as a currency. As part of their efforts, the Salvadoran government passed a law to accept bitcoin as legal tender alongside the US dollar. A World Bank spokesperson told Reuters. “Although the government has approached us for help on bitcoin, this is not something the World Bank can support given the gaps in environment and transparency.”
Netcoins.ca strongly believes that any country should be allowed to integrate cryptocurrency into their country’s financial landscape. Adding Bitcoin as legal tender may be part of a stable economic plan and could boost investment for those who have adopted it. In addition, countries like El Salvador have a high rate of unbanked citizens (70%), which gives them the opportunity to create savings and build wealth. Many El Salvadorians depend on remittances (payments from abroad) as their sole source of income, and accepting Bitcoin would reduce the often astronomical fees associated with these payments.
Netcoins.ca President Mitchell Demeter explained his response to the World Bank: “It’s no surprise that the World Bank has not supported El Salvador with the adoption of bitcoin. The World Bank was created to help developing countries grow and reduce their poverty by providing loans. In order to repay the debt, these countries have to borrow even more loans, creating a snowball effect of extreme poverty. With a Bitcoin standard like the one El Salvador is about to implement, the IMF and the World Bank would be rendered useless.
Interestingly enough, while the World Bank hasn’t helped El Salvador, it doesn’t have an alternative offer either. The President of El Salvador, Nayib Bukele, had the right to explore an opportunity to get out of poverty and he found it in Bitcoin. Bitcoin is a healthy currency, has a limited supply cap of $ 21 million, and is a fairer monetary system created to help people, not slowly deplete them over time.
The World Bank has every reason to be concerned that El Salvador is adopting bitcoin as legal tender, not for the good of the people but simply for its own good. He will use a fake narrative to destroy bitcoin’s goodwill by saying that bitcoin mining is bad for the environment and has gaps in transparency. However, bitcoin miners have an incentive to cut costs in order to optimize wasted, stranded and renewable energy. For example, El Salvador will use geothermal energy created by volcanoes to mine bitcoin. On a note of transparency, the blockchain tracks every transaction made with bitcoin. Bitcoin is traceable, money is not.
Bitcoin is the great equalizer. This means hope for Salvadorans, leaving the institutions to scramble.
Founded in 2014, Netcoins began by providing a Virtual Bitcoin ATM solution to over 170,000 stores on 3 continents, and also operated a private brokerage service for institutional and crypto investors on a larger scale. As the crypto industry has evolved, we have since moved to a cryptocurrency trading platform, which users can access 24/7 online through a web browser. or mobile Netcoins.app. Our leadership team was bolstered by a diverse background – including that of our President, Mitchell Demeter, who founded the first Bitcoin ATM.
Now we have also made significant investments in technology, offering a simple and streamlined onboarding process, enhanced security, and 24/7 instant transactions. We understand that what you do with your money matters. We also know that cryptocurrency can seem like a complicated process. This is where we come in. We build trust by taking the guesswork out of crypto and delivering results.
We are excited to be a part of your crypto journey and the place you are going buy bitcoins. From education and innovation to our zealous customer service, we’re here to be your trusted resource for all things crypto. We can’t wait to take you on board!
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