El Salvador Opens National Bitcoin Office (ONBTC)

by James · November 28, 2022

El Salvador’s government has established a National Bitcoin Office (ONBTC) to oversee local projects related to the assets in general.

The new ONBTC agency is expected to cooperate with other countries on matters related to BTC by establishing bilateral agreements.

Looking at the post shared on LinkedIn, the agency is supposed to function as a “Specialized administrative unit, functional and technical autonomy within the Presidency of the Republic.” El Salvador’s authorities are working to promote their bitcoin strategy despite the bearish state of the market.

“The objective of 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. It will also be able to cooperate with other countries when necessary, in matters related to BTC,” stated in Torres Legal El Salvador article.

There will be no restrictions on the agency’s ability to manage and consult on domestic bitcoin projects, and it will be allowed to join forces with other countries’ organizations on initiatives related to the leading digital currency.

There are a number of functions performed by this entity, including creating concepts and providing information related to Bitcoin, Blockchain and cryptocurrencies in El Salvador to the media and anyone else who may be interested.

The agency will also have to manage all individuals who want to meet with the President of the Republic primarily for the purpose of implementing Bitcoin and blockchain in El Salvador.

However, ONBTC must support international Bitcoin together with cryptocurrency companies or interested investors who want to invest. The agency will also play a role in Salvadoran participation in various international forums.

Coordinate the actions related to the formulation of relevant policies for Bitcoin and Blockchain, which are determined by the President in the short-intermediate and long-term, which are in line with the economic and educational programs coordinated with the relevant institutions.

“All public institutions must cooperate with ONBTC to fulfill its functions and goals. For example, the Ministry of Foreign Affairs will cooperate in matters of international cooperation, while the self-governed and municipalities can do so to the extent that their regulations allow it.”

To ensure that all ONBTC functions and objectives are achieved, public institutions are expected to cooperate with the BTC.

The Director of the Bitcoin Office will be appointed by the President and will have the authority to hire staff as necessary to carry out the institution’s functions in accordance with its objectives.