After Salvadoran President Nayib Bukele announced that the country would receive one bitcoin per day, a report published by Torres Legal details that the government of El Salvador has created a National Bitcoin Office (ONBTC). The report states that the institution was created based on Decree No. 49 signed by Bukele and El Salvador’s ministers of tourism and economy.
The National Bitcoin Office of Salvador was created with ‘functional and technical autonomy within the Presidency of the Republic’
A Linkedin post published by Torres Legal on November 25 explains that the government of El Salvador has created a National Bitcoin Office (ONBTC). The new office is designed to manage “all cryptocurrency-related projects” and was established by Salvadoran President Nayib Bukele through Decree 49. Decree No. 49, published in El Salvador’s Official Gazette, is summarized in the second article, Torres explains.
“Article [two] “Defines ONBTC’s purpose shall be to design, diagnose, plan, program, coordinate, monitor, measure, analyze and evaluate Bitcoin-related plans, programs and projects for the economic development of the country.” Torres notes. “If required, it will be able to cooperate with other countries in related issues [Bitcoin].”
The creation of ONBTC follows Bukele, who explained that his country will receive one bitcoin every day. At the time, El Salvador’s bitcoin reserves were around 2,381 BTC, and nine days had passed since Bukele’s announcement, meaning the country had acquired nine more bitcoins. Torres says Bukele will be responsible for appointing ONBTC director and bitcoin advocate, RT personality and wife of Max Keiser. Stacy Herbert will be involved.
“I am honored to participate in the establishment of the Office of Bitcoin for President Bukele,” said Herbert he tweeted November 25. In addition, there is a Twitter account called ONBTC @bitcoinofficesv and that day the office said the report would be published soon. “The [National Bitcoin Office] we will publish our first report soon”, ONBTC he tweeted. “The topic will be the topic [bitcoin mining] In El Salvador.”
News from the National Bitcoin Office also follows the country’s Minister of Economy, María Luisa Hayem Brevé, presenting a bill on the Issuance of Digital Assets to the Salvadoran assembly of government officials. Reports suggest that the digital asset bill will help boost the planned issuance of controversial bitcoin bonds.
El Salvador’s idea of bitcoin bonds has been shelved, and reports further indicate that the bonds could be issued by state-owned geothermal company La Geo. The ONBTC news release from Torres states that the office will handle all individuals seeking to meet with Bukele regarding bitcoin and blockchain topics.
“The new agency will work as a specialized administrative unit with functional and technical autonomy under the President of the Republic,” Torres said in detail.
What do you think of El Salvador’s newly created National Bitcoin Office? Let us know what you think about this topic in the comments section below.
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