El Salvador Establishes National Bitcoin Office to Manage ‘All Projects Related to the Cryptocurrency’

A Linkedin post by Torres Legal explains El Salvador’s creation of a National Bitcoin Office. It was created in Decree No. 49 by Nayib Bukele, Salvadoran president. Decree No. 49, published in El Salvador’s Official Gazette, is summarized in Article 2, Torres explains.

“Article two” describes the ONBTC’s objective, which is to design, diagnose and plan, program, coordinate and follow up, measure and analyze plans, programs and projects related to Bitcoin to the economic development in the country. Torres’ post notes. It will also be able, when necessary, to collaborate with other countries in matters related Bitcoin.

Bukele explained that ONBTC would be created every day. El Salvador had a bitcoin stash of around 2,381 BTC at the time. It’s now nine days since Bukele announced that the country would purchase nine bitcoins every day. Torres states that Bukele will be responsible for appointing ONBTC’s director and bitcoin supporter, RT personality and Max Keiser’s wife Stacy Herbert.

Herbert tweeted November 25: “Honored to have been involved in the setting up of the Bitcoin Office president Bukele,” ONBTC also has a Twitter account @bitcoinofficesv. The office announced that a report would soon appear on Nov. 25. ONBTC tweeted that the [National Bitcoin Office] would soon publish our first reports. The topic will be bitcoin mining El Salvador.

The National Bitcoin Office news also reports on Maria Luisa Hayem Breve (Minister of Economy) submitting a Digital Assets Issuance Bill to Salvadoran government officials. Reports suggest that the digital assets bill will be used to support the planned issuance bitcoin bonds, which has been fraught with controversy.

The Salvadoran bitcoin bonds concept has been delayed, reports. It is possible that the bonds will be issued by La Geo, a state-owned geothermal company. According to Torres’ ONBTC news, the office will handle all requests for meetings with Bukele regarding bitcoin and other blockchain subjects.

Torres explains that the new agency will function as an administrative unit with specialized functions and technical autonomy within Presidency.