El Salvador Establishes National Bitcoin Office to Manage ‘All Projects Related to the Cryptocurrency’

By Bitcoin.com - 1 year ago - Reading Time: 3 minutes

El Salvador Establishes National Bitcoin Office to Manage ‘All Projects Related to the Cryptocurrency’

After the Salvadoran president Nayib Bukele revealed the country would buy a single bitcoin every day, a report published by Torres Legal details that the government of El Salvador has created a National Bitcoin Office (ONBTC). The report says the entity was created via Decree No. 49, which was signed by Bukele and El Salvador’s tourism and economy ministers.

Salvadoran National Bitcoin Office Established With ‘Functional and Technical Autonomy Within the Presidency of the Republic’

On Nov. 25, a Linkedin post published by Torres Legal explains that El Salvador’s government has created a National Bitcoin Office (ONBTC). The new office is meant to manage “all projects related to the cryptocurrency” and it was established in Decree No. 49 by the Salvadoran president Nayib Bukele. Decree No. 49 published in El Salvador’s Official Gazette is summarized in Article two, Torres explains.

“Article [two] defines the objective of the ONBTC which will be to design, diagnose, plan, program, coordinate, follow up, measure, analyze and evaluate plans, programs, and projects related to Bitcoin for the economic development of the country,” the post published by Torres notes. “It will also be able to collaborate with other countries when required, in matters related to [Bitcoin].”

The creation of ONBTC follows Bukele explaining that his country would purchase one bitcoin every single day. At the time, El Salvador’s bitcoin stash was around 2,381 BTC, and it’s been nine days since Bukele’s announcement, which means the country has obtained nine more bitcoins. Torres says that Bukele will be in charge of appointing the ONBTC director and the bitcoin supporter, RT personality, and Max Keiser’s wife Stacy Herbert will be involved.

“Honored to be involved in setting up the Bitcoin Office for president Bukele,” Herbert tweeted on Nov. 25. Additionally, ONBTC has a Twitter account called @bitcoinofficesv, and the same day the office said a report would soon be published. “The [National Bitcoin Office] will soon publish our first report,” ONBTC tweeted. “The topic will be on the subject of [bitcoin mining] in El Salvador.”

The National Bitcoin Office news also follows the country’s minister of the economy, Maria Luisa Hayem Brevé, submitting a Digital Assets Issuance bill to the Salvadoran assembly of government officials. Reports indicate that the digital assets bill will help bolster the planned issuance of bitcoin bonds which has been blemished with controversy.

The Salvadoran bitcoin bonds idea has been delayed and reports further note the bonds may be issued by the state geothermal company La Geo. The ONBTC news reported by Torres notes that the office will manage all the individuals who seek meetings with Bukele in regard to bitcoin and blockchain subjects.

“The new agency will work as a specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic,” Torres details.

What do you think about El Salvador’s newly established National Bitcoin Office? Let us know what you think about this subject in the comments section below.

Original source: Bitcoin.com