El Salvador’s First National Bitcoin Office Opens

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Tomi­wabold Olajide

Enti­ty estab­lished by Decree No. 49 signed by El Sal­vado­ran Pres­i­dent Nay­ib Bukele

El Sal­vador has cre­at­ed its new Nation­al Bit­coin Office (ONBTC), which will over­see all ini­tia­tives involv­ing the first and largest cryp­tocur­ren­cy, Bitcoin.

The new agency will serve as a spe­cial­ized admin­is­tra­tive divi­sion with func­tion­al and tech­ni­cal auton­o­my with­in the office of the president.

The enti­ty was estab­lished by Decree No. 49, signed by El Sal­vado­ran Pres­i­dent Nay­ib Bukele and the Min­is­ter of Tourism and was pub­lished in the Offi­cial Gazette on Nov. 17.

Among the duties of the enti­ty is to con­cep­tu­al­ize and pro­vide infor­ma­tion about Bit­coin, blockchain and cryp­tocur­ren­cies in El Sal­vador “to the media and any inter­est­ed person.”

Addi­tion­al­ly, the ONBTC, or the Nation­al Bit­coin Office, will assist for­eign Bit­coin, blockchain and cryp­tocur­ren­cy busi­ness­es and investors who sought to do busi­ness in El Sal­vador and vis­it the nation, as well as active­ly pro­mote El Sal­vado­ran involve­ment in var­i­ous inter­na­tion­al forums.

Also, ONBTC would be respon­si­ble for man­ag­ing and ana­lyz­ing all indi­vid­u­als, request­ing meet­ings with the pres­i­dent to intro­duce Bit­coin and blockchain tech­nol­o­gy to El Sal­vador. The coor­di­na­tion of efforts linked to the cre­ation of per­ti­nent Bit­coin and blockchain poli­cies as deter­mined by the pres­i­den­cy is anoth­er duty of the Bit­coin Office.

The El Sal­vado­ran pres­i­dent will appoint the direc­tor of the Bit­coin Office, who will have the author­i­ty to appoint staff mem­bers as need­ed to car­ry out the insti­tu­tion’s duties.

Last year, El Sal­vador made Bit­coin a legal ten­der, becom­ing the first coun­try in the world to do so. In the past week, El Sal­vador Pres­i­dent Bukele, announced that the Cen­tral Amer­i­can nation will begin pur­chas­ing one Bit­coin (BTC) every day.



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