El Salvador, the world’s largest cryptocurrency bitcoin established the new National Bitcoin Office (ONBTC), which will oversee all initiatives related to Bitcoin.
The new institution will serve as a special administrative division with functional and technical autonomy within the presidential office.
National Bitcoin Office to Oversee All BTC-Linked Business in El Salvador
ONBTC was established by Decree No. 49 signed by El Salvador President Nayib Bukele and Minister of Tourism and was published in the Official Gazette on 17 November.
The organization’s duties include providing and conceptualizing information “to the media and anyone interested” about BTC, blockchain and cryptocurrencies in El Salvador.
In addition, ONBTC, the National Bitcoin Office, will assist foreign BTC, blockchain and cryptocurrency businesses and investors wishing to do business and visit the country in El Salvador, and will actively encourage El Salvador’s participation in various international forums.
In this context, all public institutions will cooperate to fulfill the functions and purposes of ONBTC. For example, the Ministry of Foreign Affairs will cooperate in cases of international cooperation, and autonomous and municipalities will be able to cooperate to the extent permitted by their legislation.
In addition, ONBTC will be responsible for managing and analyzing all persons requesting a meeting with the president to promote BTC and blockchain technology to El Salvador. Coordinating efforts associated with the establishment of relevant BTC and blockchain policies set by the Presidency is another task of the Bitcoin Office.
The President of El Salvador will appoint the director of the Bitcoin Office, who will have the authority to appoint the personnel needed to carry out the duties of the institution.
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!