El Salvador Announces Launch of National Bitcoin Office (ONBTC)

El Salvador Announces Launch of National Bitcoin Office (ONBTC)
  • The new organization will be able to collaborate with counterparts in other nations.
  • The agency will have complete autonomy to steer and advise local bitcoin projects.

The government of El Salvador has upped the ante on its crypto endeavors by establishing a National Bitcoin Office (ONBTC) to monitor and direct all national Bitcoin-related activities.

The new organization will be able to collaborate with counterparts in other nations on BTC-related topics. While the cryptocurrency market has been in a lengthy bear market, El Salvador’s government still seems intent on pushing on with its bitcoin policy.

Agency With Complete Autonomy

An official LinkedIn post announces the establishment of a “specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic.” The agency will have complete autonomy to steer and advise local bitcoin projects, as well as collaborate with foreign bodies on endeavors using the most popular digital currency.

The ONBTC’s mission statement reads:

 “The objective of the ONBTC 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.”

The organization will vet anybody interested in meeting with Nayib Bukele, the president of a country that is fond of Bitcoin, to talk about the blockchain strategy of that country. It will also collaborate with other government agencies to develop sensible guidelines for the local cryptocurrency industry and roll out awareness-raising initiatives in El Salvador.

The post further read:

“All public institutions shall collaborate with the ONBTC for the fulfillment of its functions and objectives. For example, the Ministry of Foreign Affairs will collaborate in cases of international cooperation, while the autonomous and municipalities may do so to the extent that their regulations allow.” 

A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.