{"id":14851,"date":"2022-11-26T21:27:23","date_gmt":"2022-11-26T21:27:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/el-salvador-establishes-national-bitcoin-office-to-manage-all-projects-related-to-the-cryptocurrency-bitcoin-news\/"},"modified":"2022-11-26T21:27:23","modified_gmt":"2022-11-26T21:27:23","slug":"el-salvador-establishes-national-bitcoin-office-to-manage-all-projects-related-to-the-cryptocurrency-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/el-salvador-establishes-national-bitcoin-office-to-manage-all-projects-related-to-the-cryptocurrency-bitcoin-news\/","title":{"rendered":"El Salvador Establishes National Bitcoin Office to Manage ‘All Projects Related to the Cryptocurrency’ \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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After the Salvadoran president Nayib Bukele revealed the country would buy a single bitcoin every day, a report published by Torres Legal details that the government of El Salvador has created a National Bitcoin Office (ONBTC). The report says the entity was created via Decree No. 49, which was signed by Bukele and El Salvador\u2019s tourism and economy ministers.<\/strong><\/p>\n

Salvadoran National Bitcoin Office Established With \u2018Functional and Technical Autonomy Within the Presidency of the Republic\u2019<\/h2>\n

On Nov. 25, a Linkedin post<\/a> published by Torres Legal explains that El Salvador\u2019s government has created a National Bitcoin Office (ONBTC). The new office is meant to manage \u201call projects related to the cryptocurrency\u201d and it was established in Decree No. 49 by the Salvadoran president Nayib Bukele. Decree No. 49 published in El Salvador\u2019s Official Gazette is summarized in Article two, Torres explains.<\/p>\n

\u201cArticle [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,\u201d the post published by Torres notes. \u201cIt will also be able to collaborate with other countries when required, in matters related to [Bitcoin].\u201d<\/p>\n

The creation of ONBTC follows Bukele explaining<\/a> that his country would purchase one bitcoin every single day. At the time, El Salvador\u2019s bitcoin stash was around 2,381 BTC<\/a>, and it\u2019s been nine days since Bukele\u2019s announcement, which means the country has obtained nine more bitcoins. Torres says that Bukele will be in charge of appointing the ONBTC director and the bitcoin supporter, RT personality, and Max Keiser\u2019s wife Stacy Herbert<\/a> will be involved.<\/p>\n

\u201cHonored to be involved in setting up the Bitcoin Office for president Bukele,\u201d Herbert tweeted<\/a> on Nov. 25. Additionally, ONBTC has a Twitter account called @bitcoinofficesv,<\/a> and the same day the office said a report would soon be published. \u201cThe [National Bitcoin Office] will soon publish our first report,\u201d ONBTC tweeted<\/a>. \u201cThe topic will be on the subject of [bitcoin mining] in El Salvador.\u201d<\/p>\n

The National Bitcoin Office news also follows the country\u2019s minister of the economy, Maria Luisa Hayem Brev\u00e9, submitting a Digital Assets Issuance bill<\/a> to the Salvadoran assembly of government officials. Reports<\/a> indicate that the digital assets bill will help bolster the planned issuance of bitcoin bonds which has been blemished with controversy.<\/p>\n

The Salvadoran bitcoin bonds idea has been delayed<\/a> and reports<\/a> further note the bonds may be issued by the state geothermal company La Geo. The ONBTC news reported by Torres notes that the office will manage all the individuals who seek meetings with Bukele in regard to bitcoin and blockchain subjects.<\/p>\n

\u201cThe new agency will work as a specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic,\u201d Torres details.<\/p>\n

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\nTags in this story
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bitcoin bonds<\/a>, bitcoin el salvador<\/a>, Bitcoin Office<\/a>, bonds<\/a>, BTC El Salvador<\/a>, Decree No. 49<\/a>, Digital Assets Issuance bill<\/a>, El Salvador<\/a>, El Salvador National Bitcoin Office<\/a>, la geo<\/a>, Maria Luisa Hayem Brev\u00e9<\/a>, National Bitcoin Office<\/a>, Nayib Bukele<\/a>, ONBTC<\/a>, Republic<\/a>, Salvadoran President<\/a>, Stacy Herbert<\/a><\/div>\n<\/div>\n

What do you think about El Salvador\u2019s newly established National Bitcoin Office? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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