After the Salvadoran president Nayib Bukele revealed 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 Office (ONBTC). According to the report, the entity was established by Decree No. 49, which was signed by Bukele and El Salvador’s tourism and economy ministers.
Salvadoran National Bitcoin Office Established With ‘Functional and Technical Autonomy Within the Presidency of the Republic’
On Nov. 25, a Linkedin post published by Torres Legal explains that El Salvador’s government has created a National Bitcoin Office (ONBTC). This new office was created in Decree No. 49 by the Salvadoran president Nayib Bukele. Decree No. 49 published in El Salvador’s Official Gazette is summarized in Article two, Torres explains.
“Article outlines the purpose of the ONBTC, which is to design, diagnose and plan, program and coordinate, follow-up, measure, analyze, evaluate and evaluate plans, programs and projects related to Bitcoin. It will also be able, when necessary, to collaborate with other countries in matters related [Bitcoin].”
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The creation of ONBTC follows Bukele explaining that his country would purchase one bitcoin every single day. At the time, El Salvador’s bitcoin stash was around 2,381 BTC, and it’s been nine days since Bukele’s announcement, which means the country has obtained nine more bitcoins. Torres says that Bukele will be in charge of appointing the ONBTC director and the bitcoin supporter, RT personality, and Max Keiser’s wife Stacy Herbert will be involved.
“Honored to be involved in setting up the Bitcoin Office for president Bukele,” Herbert tweeted on Nov. 25. Additionally, ONBTC has a Twitter account called @bitcoinofficesv, and the same day the office said a report would soon be published. “The [National Bitcoin Office] will soon publish our first report,” ONBTC tweeted. “The topic will be on the subject of [bitcoin mining] in El Salvador.”
The National Bitcoin Office news also follows the country’s minister of the economy, Maria Luisa Hayem Breve, submitting a Digital Assets Issuance bill to the Salvadoran assembly of government officials. Reports indicate that the digital assets bill will help bolster the planned issuance of bitcoin bonds which has been blemished with controversy.
The Salvadoran bitcoin bonds idea has been delayed and reports further note the bonds may be issued by the state geothermal company La Geo. According to Torres, the ONBTC news reports that the office will handle all those who request meetings with Bukele regarding bitcoin and other blockchain subjects.
” The new agency will function as an administrative unit with specialized functions and technical autonomy within Presidency of Republic,” Torres details.
This story contains tags
bitcoin bonds, bitcoin el salvador, Bitcoin Office, bonds, BTC El Salvador, Decree No. 49, Digital Assets Issuance bill, El Salvador, El Salvador National Bitcoin Office, la geo, Maria Luisa Hayem Breve, National Bitcoin Office, Nayib Bukele, ONBTC, Republic, Salvadoran President, Stacy Herbert
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Jamie Redman
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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