El Salvador opens first national Bitcoin office

El Salvador’s government has officially opened its first National Bitcoin Office (ONBTC) to serve as a ‘special administrative entity with functional and technical autonomy within the Presidency of the Republic,’ according to a Nov. 25  a Linkedin post published by Torres Legal.

Created via Decree No. 49, the ONBTC was signed into effect by El Salvadoran president Nayib Bukele’. The new agency will be in charge of the designing, planning and analysis of plans and projects relevant to Bitcoin for the economic development of the country, according to the post.

In addition, the agency will cooperate with other countries in matters related to the asset by supporting international blockchain companies who wish to invest and visit the country. It will also represent Salvadoran participation in different international forums.

The agency will coordinate with different Ministries to design crypto regulations and educational programs for Salvadorans.

The news follows Bukele’s decision that his country would purchase one Bitcoin every day starting Nov. 18.  According to nayibtracker.com, the country has an unrealized loss of more than US$ 67 million in its 2396 Bitcoin holdings. 

On Nov. 23, El Salvador Minister of the Economy Maria Luisa Hayem Brevé submitted a Digital Assets Issuance bill to expand the legal framework for the legalization of all cryptocurrencies as legal tender in the country.

The El Salvadoran president also announced plans to build a Bitcoin city and built a massive vet hospital using the profits from its BTC purchases. 

Photo: Reuters