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 work in collaboration with other countries on matters related to BTC by establishing bilateral agreements.
Looking at the post shared on LinkedIn, the agency is to function as a “Specialized administrative unit, functional and technical autonomy within the presidency of the Republic.” El Salvador’s authorities are working towards advancing their bitcoin strategy despite the bearish state of the market.
“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. It will also be able to collaborate with other countries when required, in matters related to the BTC,” stated in the Torres Legal El Salvador article.
There will be no limits on the agency’s ability to manage and consult 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 that are carried out 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 might be interested.
The agency will also have to manage all individuals seeking 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 wish to invest. The agency is also to play a role in Salvadoran participation in different international forums.
Coordinating the actions which are related to the formulation of relevant policies on Bitcoin and Blockchain, which are determined by the President in short-medium and long-term, that are aligned with the economic and educational programs coordinated with the appropriate institutions.
“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.”
To ensure that all ONBTC functions and objectives are achieved, public institutions are expected to work in collaboration 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 perform the institution’s functions in accordance with its objectives.
Also read: El Salvador’s Nayib Bukele to buy One Bitcoin Everyday from Now on
