After Salvadoran President Nayib Bukele revealed that 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 Board (ONBTC). The report states that the entity was created by Decree No. 49, which was signed by Bukele and the Ministers of Tourism and Economy of El Salvador.
Creation of a Salvadoran national bitcoin office with “functional and technical autonomy within the Presidency of the Republic”
On November 25, a Linkedin Publish published by Torres Legal explains that the Salvadoran government has created a National Bitcoin Board (ONBTC). The new office is supposed to manage “all cryptocurrency-related projects” and it was created by Decree No. 49 of Salvadoran President Nayib Bukele. Decree No. 49 published in the Official Gazette of El Salvador is summarized in article two, explains Torres.
“Article [two] defines the objective of the ONBTC which will be to design, diagnose, plan, program, coordinate, monitor, measure, analyze and evaluate plans, programs and projects related to Bitcoin for the economic development of the country”, the post published by Notes of Torres. “It will also be able to collaborate with other countries when necessary, on issues related to [Bitcoin].”
The creation of the ONBTC follows Bukele explaining that his country would buy one bitcoin every day. At the time, El Salvador’s bitcoin reserve was around 2,381 BTC, and nine days have passed since Bukele’s announcement, which means the country got nine more bitcoins. Torres says Bukele will be in charge of appointing ONBTC director and bitcoin supporter, RT personality and wife of Max Keiser Stacy Herbert will be involved.
“Honored to be involved in establishing the Bitcoin office for President Bukele”, Herbert tweeted November 25. Additionally, ONBTC has a Twitter account called @bitcoinofficesv, and on the same day the office announced that a report would soon be published. “The [National Bitcoin Office] soon to release our first report,” ONBTC tweeted. “The subject will focus on the theme of [bitcoin mining] in El Salvador. »
News from the National Bitcoin Office also follows the country’s economy minister, Maria Luisa Hayem Brevé, submitting a Digital Asset Issuance Invoice to the Salvadoran Assembly of Government Officials. Reports indicate that the digital assets bill will help bolster the planned bitcoin bond issuance which has been marred by controversy.
The Salvadorian idea of bitcoin bonds was deferred and reports further note that the bonds may be issued by the state geothermal company La Geo. ONBTC News reported by Torres notes that the office will handle anyone who wants to meet with Bukele regarding bitcoin and blockchain topics.
“The new agency will operate as a specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic,” explains Torres.
What do you think of the new National Bitcoin Office in El Salvador? Let us know what you think about this topic in the comments section below.
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