The El Salvadorian government has announced the establishment of a national bitcoin office, which will have "functional and technical autonomy under the Presidency of the Republic."
A post on Linkedin that was made on the 25th of November by Torres Legal states that the government of El Salvador has established a National Bitcoin Office (ONBTC). In Decree No. 49, Salvadoran President Nayib Bukele established a new agency with the purpose of managing "all initiatives linked to the cryptocurrency." The new office's mandate is to oversee "all projects related to the cryptocurrency." According to Torres, Article two provides a concise explanation of Decree No. 49, which was published in El Salvador's Official Gazette.
According to the post that Torres wrote and published, "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." "It will also have the capability to engage with other governments when necessary, in areas pertaining to [Bitcoin],"
Following Bukele's explanation that his nation will acquire one bitcoin on a daily basis, ONBTC was established. El Salvador's bitcoin reserve was estimated to be about 2,381 BTC at the time of Bukele's declaration; nevertheless, it has been nine days since the announcement, which indicates that the government has acquired nine more bitcoins. Stacy Herbert, a supporter of bitcoin who is also a celebrity on RT and who is married to Max Keiser, will be involved, according to Torres, who adds that Bukele would be in charge of picking the ONBTC director.
On November 25, Herbert sent out a tweet stating that he was "honored to be engaged in building up the Bitcoin Office for president Bukele." Furthermore, ONBTC has a Twitter account that is named @bitcoinofficesv, and on the same day, the office said that a report will be coming out in the near future. ONBTC said in a tweet that "The National Bitcoin Office will shortly publish its first report." "The topic of discussion will be on the question of the mining of bitcoin in El Salvador,"
The news regarding the National Bitcoin Office comes shortly after Maria Luisa Hayem Brevé, the minister of the economy for the country, presented a bill regarding the issuance of digital assets to the Salvadoran assembly of government officials. According to reports, the digital assets bill will help strengthen the planned issuance of bitcoin bonds, which has been mired in controversy. This could be a positive development for the cryptocurrency.
The proposal to issue bitcoin bonds in El Salvador has been put on hold, and recent reports indicate that the bonds may be issued by the state-owned geothermal company, La Geo. According to the news that was reported by Torres regarding ONBTC, the office will manage all of the individuals who seek meetings with Bukele regarding topics related to bitcoin and blockchain technology.
According to the information provided by Torres, "the new agency will operate as a specialized administrative unit, with both functional and technical autonomy within the Presidency of the Republic."
