VANCOUVER, BC / ACCESSWIRE / June 28, 2021 / Netcoins.ca, a subsidiary of BIGG Digital Assets (CSE:BIGG)(OTCQX:BBKCF) today issued a statement disputing the World Bank's stance on El Salvador's cryptocurrency plan. According to this Ars Technica article, the World Bank is opposed to the Central American country's efforts to officially recognize Bitcoin as currency. As part of their effort, El Salvador's government passed a law to accept bitcoin as legal tender alongside the US dollar. A World Bank spokesperson told Reuters. "While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings."
Netcoins.ca firmly believes that any country should be allowed to integrate cryptocurrency into their country's financial landscape. Adding Bitcoin as legal tender can be part of a stable economic plan, and could drive investment from those that have adopted it. In addition, countries like El Salvador have a high rate of unbanked citizens (70 percent) and this affords them the opportunity to create savings and build wealth. Many El Salvadorans depend on remittances (payments from abroad) as their sole income source, and accepting Bitcoin would reduce the often astronomical fees associated with these payments.
Netcoins.ca President Mitchell Demeter expanded on their response to the World Bank, 'It's not surprising the World Bank did not support El Salvador with the adoption of bitcoin. The World Bank was created to help developing countries grow and reduce their poverty by providing them with loans. In order to pay off 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 preparing to implement, the IMF and the World Bank would be rendered useless.
Interestingly enough, while the World Bank did not help El Salvador, it also had no alternative offer. The President of El Salvador, Nayib Bukele, was entitled to explore an opportunity out of poverty and he found it in Bitcoin. Bitcoin is sound money, has a limited supply cap of 21 million and is a more equitable monetary system created to help the people, not slowly impoverish them with time.
The World Bank has every reason to be concerned about El Salvador adopting bitcoin as legal tender, not for the people's sake but simply for its own sake. It will use a false narrative to destroy the goodwill of bitcoin by saying bitcoin mining is bad for the environment and that it has transparency shortcomings. However, bitcoin miners are incentivized to reduce costs so they will optimize for wasted, stranded and renewable energy. For example, El Salvador will use geothermal energy created by volcanoes to mine bitcoin. On the note of transparency, the blockchain tracks every single transaction made with bitcoin. Bitcoin is traceable, cash is not.
Bitcoin is the great equalizer. It means hope for Salvadorans, leaving the institutions to scramble.'
Founded in 2014, Netcoins started out by providing a Virtual Bitcoin ATM solution to over 170,000+ stores across 3 continents, and also operated a private brokerage service for institutional and larger scale crypto investors. As the crypto industry evolved, we've since pivoted to a cryptocurrency trading platform, which users can access online 24/7 through a web or mobile browser at Netcoins.app. Our leadership team has been strengthened by diverse experience - including that of our president, Mitchell Demeter, who founded the world's first Bitcoin ATM.
Now, we've also made significant investments in technology, offering a simple and streamlined onboarding process, tight security and 24/7 instant trades. We understand that what you do with your money matters. We also know that cryptocurrency can seem like a complicated process. That's where we come in. We build trust by taking the guesswork out of crypto and by delivering results.
We're excited to be part of your crypto journey, and the place you go to buy Bitcoin. From education, to innovation, to our zealous customer service, we are here to be your trusted resource for all things crypto. We can't wait to bring you onboard!
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