The administration of Nayib Bukele has always made no secret of its great 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.
A national Bitcoin office dedicated to managing any crypto project
Office Torres Legal confirms it: the Salvadoran government has just created its National Bitcoin Office or ONBTC. Decree No. 19 establishing this entity was published in the Official Journal on 17 November. It bears the signature of the current President of El Salvador, Nayib Bukele, as well as that of the Minister of Tourism and Economy.
According to Article 2 of Decree No. 49, the National Bitcoin Office of El Salvador will carry out a very specific mission: to manage all crypto projects. More concretely, he will have to:
- design,
- diagnose,
- to plan,
- program,
- to coordinate,
- follow,
- measure,
- analyze,
- evaluate bitcoin-related plans, programs and projects.
In this same sense, it is responsible for supporting companies or even crypto investors throughout Salvadoran territory. Thus, 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 out a strong message: a strong interest in crypto. Through the report published by Torres Legal, we also note that the President of the Republic Nayib Bukele has himself invested in this project. “The new agency will operate as a specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic”, it is explained.
That’s not all ! The director of the ONBTC will be appointed by the Salvadoran president. Also, all public institutions must work with the entity to help it achieve its objectives.
By the creation of the ONBTC, Nayib Bukele reaffirms his increased interest in crypto. Despite the bearish market trend, the President of El Salvador indeed believes in the future of the crypto market. For information, since the creation of the ONBTC, the bitcoin reserve of El Salvador has increased slightly (more than 2,380 BTC).
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