The National Bitcoin Office (ONBTC) has been established by El Salvador’s government, according to a post on Linkedin by Torres Legal from November 25. The new office was founded by Decree No. 49, signed by the president of El Salvador, Nayib Bukele, and is intended to oversee “all programs relating to the cryptocurrency.” According to Torres, Article 2 summarizes Decree No. 49, which was issued in the Official Gazette of El Salvador.
Torres’s LinkedIn post noted, “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.” Furthermore, “It will also be able to collaborate with other countries when required in matters related to [Bitcoin].”
Role of ONBTC
The National Bitcoin Office, or ONBTC, will help foreign companies and investors who want to conduct business in El Salvador and travel there. It will also actively promote El Salvadoran participation in multiple international forums.
Additionally, ONBTC will be overseeing and evaluating each individual while contacting the President to fix-up meetings to propose El Salvador to Bitcoin and blockchain technology. Another responsibility of the Bitcoin Office is coordinating efforts related to developing suitable Bitcoin and blockchain policies as established by the presidency.
The president of El Salvador will be choosing the director of the Bitcoin Office, and they will have the power to select employees necessary to carry out the institution’s obligations.
