El Salvador’s Newly Created National Bitcoin Office to Handle All Crypto Matters

Following the announcement by Salvadoran President Nayib Bukele that the country will purchase one Bitcoin (BTC) each day, Torres Legal reports that the government of El Salvador has established a National Bitcoin Office (ONBTC).

El Salvador’s government has established a National Bitcoin Office, according to a Linkedin post published by Torres Legal on November 25. (ONBTC). The new office was formed under Decree No. 49 by Salvadoran President Nayib Bukele to supervise “all projects relating to cryptocurrencies.” Torres notes that Article two summarizes Decree No. 49, which was published in El Salvador’s Official Gazette.

The Torres publication 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. It will also be able to collaborate with other countries when required, in matters related to the cryptocurrency.”

The ONBTC tweeted that it “will soon publish” its first report.

The long anticipated Salvadoran Bitcoin bonds remain postponed. According to rumors, the bonds may be issued by the state geothermal business La Geo. According to the ONBTC news cited by Torres, the office will handle any requests for meetings with Bukele on bitcoin and blockchain topics.