The Nayib Bukele administration has always made no secret of its keen interest in crypto. In his previous statements, the Salvadoran president reveals that the country will buy one bitcoin per day. The government of El Salvador goes even further by creating a national Bitcoin office on its territory.
Bitcoin national office dedicated to the management of any crypto project
The Torres Legal firm confirms it: the Salvadoran government has just created its National Bitcoin Office or ONBTC. Decree No. 19 establishing this entity in the Official Gazette on 17 November. It bears the signature of the current President of El Salvador, Nayib Bukele, as well as the signature of the Minister of Tourism and Economy.
According to Article 2 of Decree No. 49, the National Bitcoin Office of El Salvador will perform a very specific mission: to manage all crypto projects. More specifically, he will have to:
- evaluate plans, programs and projects related to bitcoin.
In this same sense, it is responsible for supporting crypto companies or even investors throughout the Salvadoran territory. Therefore, the ONBTC will undoubtedly work with other countries.
Creation of the ONBTC: a big step for El Salvador
The creation of the National Bitcoin Office sends a strong message: strong interest in crypto. Through the report published by Torres Legal, we also note that the President of the Republic Nayib Bukele has invested in this project. “The new agency will work as a specialized administrative unit, with functional and technical independence within the Presidency of the Republic”, it is explained.
That’s not all! The director of the ONBTC is appointed by the Salvadoran president. In addition, all public institutions must work with the entity to help it achieve its objectives.
Through the creation of the ONBTC, Nayib Bukele reaffirms his growing interest in crypto. Despite the bearish trend in the market, the President of El Salvador indeed believes in the future of the crypto market. For information, since the creation of the ONBTC, El Salvador’s bitcoin reserve has increased slightly (more than 2,380 BTC).
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My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it’s a universe I’m very interested in. And the topics covered in the platform give me the opportunity to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals)!