Key Insights
- El Salvador announced the establishment of the National Bitcoin Office (ONBTC).
- The ONBTC will conceptualize and provide information related to Bitcoin, Blockchain, and crypto
- President Nayib Bukele will appoint the Director for the office.
Amidst the crypto market downturn, El Salvador is unrelenting in promulgating policies on Bitcoin and other crypto assets. The Government has established a National Bitcoin Office (ONBTC).
According to the LinkedIn post by Torres Legal El Salvador, the Government created the office to manage all cryptocurrency-related projects.
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Similarly, the new agency will function as a specialized administrative unit with functional and technical autonomy. The newly established National Bitcoin Office will function within the Presidency of the Republic of El Salvador.
Significantly, the National Bitcoin Office was created via Decree No 49, as published in the Official Gazette on November 17. The President and Minister of Tourism have signed the Decree.
Responsibilities of El Salvador’s National Bitcoin Office
The announcement of the new office reveals that the agency will have complete autonomy to oversee and advise domestic Bitcoin projects. Furthermore, the National Bitcoin Office will be able to collaborate with organizations in other countries on issues relating to digital currency.
Significantly, the objective of the new office will be to design, diagnose, plan, program, coordinate, follow up, measure, analyze and evaluate projects related to Bitcoin. All these activities and processes will be geared towards Bitcoin for the country’s economic development.
Similarly, the agency will conceptualize and provide information related to Bitcoin, Blockchain, and cryptocurrencies in El Salvador. This information will serve the public’s interest and be available to the media.
Furthermore, the responsibility of ONBTC includes providing support for international Bitcoin, Blockchain, and cryptocurrency companies. The agency will serve as the liaison office for Investors who wish to visit and invest in El Salvador.
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In addition, the ONBTC will manage and analyze all persons that intend to meet with President Nayib Bukele. They will ensure that the meetings discuss the country’s blockchain strategies.
Interestingly, the new National Bitcoin Office office highlights the need for collaboration. One of the responsibilities of ONBTC is collaborating with all public institutions in El Salvador— to fulfil its functions and objectives.
The LinkedIn post revealed that the Ministry of Foreign Affairs would have to collaborate with the office in cases of international cooperation. However, autonomous municipalities may collaborate with the office to the extent their regulations allow.
Conclusively, President Nayib Bukele will appoint the director of the Bitcoin Office, and the appointed person will hire the required personnel.
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Crypto Adoption in El Salvador
Aside from creating this new office, the El Salvador Government proposed a law to create a regulatory body. The regulatory body will oversee the domestic crypto sector in the Republic.
Similarly, the El Salvadorian Minister for Economy, Maria Luisa Hayem Breve, recently proposed legislation.
The legislation will authorize the issuance of digital assets and pave the way for the country to issue volcano bonds. These Volcano bonds are backed by Bitcoin.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
