El Salvador Has Established A National Bitcoin Office (ONBTC)

The government of El Salvador has started focusing on its crypto endeavors, establishing a National Bitcoin Office (ONBTC) to manage all cryptocurrency-related initiatives in the country.  The new organization will be able to work with counterparts in other nations on BTC-related issues.

El Salvador’s government still seems eager to put on its Bitcoin policy, despite the market downturn. A new LinkedIn post claims that the government has established a National Bitcoin Office as a “specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic.”

The post clarifies that agency will have complete autonomy to oversee and advise domestic bitcoin projects and collaborate with organizations in other countries on endeavors related to the dominant digital currency.  

“The objective of the ONBTC 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.”

All those interested in meeting with Nayib Bukele, the president of the country and a crypto enthusiast, to discuss the country’s blockchain strategy will be vetted by the organization. It will also collaborate with other government agencies to develop sensible guidelines for the crypto industry in El Salvador and roll out related educational initiatives.

The post asserted that “all public institutions shall collaborate with the ONBTC for the fulfillment of its functions and objectives. For example, the Ministry of Foreign Affairs will collaborate in cases of international cooperation, while the autonomous and municipalities may do so to the extent that their regulations allow.”

The agency’s Director will be appointed by President Bukele, and he or she will then fill out the rest of the agency’s positions as he or she sees fit.

El Salvador A Step Closer To Bitcoin-Backed Bonds

A law proposing the creation of a regulatory body for the domestic crypto sector was introduced this week. The El Salvadorian Minister of the Economy, Maria Luisa Hayem Brevé, has proposed legislation to authorize the issuance of digital assets, paving the way for the country to issue bitcoin-backed “volcano” bonds.