El Salvador Creates a ‘National Bitcoin Office’: Everything You Need to Know



El Salvador has announced that all Bitcoin-related projects, originating in the country, will now be under the supervision of a newly created body. The Central American country’s government has announced the creation of a “National Bitcoin Office,” or ONBTC, which will act as an administrative unit dedicated to monitoring local crypto projects in the region. This development comes as BTC-related activities in El Salvador face scrutiny due to the withholding of relevant information. The government posted an official LinkedIn post, detailing more information on the matter and how the newly created ONTBC will operate in the country.

The establishment of the National Bank for Electronic Commerce was signed by Nep PokellPresident of El Salvador. Bukele announced last year that El Salvador would be the first in the world to offer legal tender for bitcoin across the country.

“The objective of the National Trade and Construction Office, which 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 needed, on matters related to BTC.” Linkedin post By Torres Legal El Salvador noted.

Bringing up educational plans about cryptocurrencies to locals and scheduling BTC-related partnership meetings to President Bukele will be part of ONBTC’s responsibilities.

All public Bitcoin-related organizations will have to collaborate with ONBTC to create profitable and secure products and services essential to the expansion of crypto.

In the coming days, Bukele will finalize the manager of this organization who will add more related members to the team.

Another task of the Bitcoin Bureau is to coordinate actions related to the formulation of relevant policies on Bitcoin and blockchain He added that the presidency is determined in short, medium and long-term correspondence with economic and educational programs in coordination with the corresponding institutions.

El Salvador BTC holdings plummeted when the cryptocurrency market crashed after the cryptocurrency exchange crash FTX.

bitcoin The current value is stuck near the $16,111 (roughly Rs. 13 lakh) mark. Exactly one year ago in November 2021, BTC last touched its all-time high of $68,000 (roughly Rs. 55 lakh).

Earlier this month, El Salvador’s state bank Banco de Desarrollo de El Salvador (BANDESAL) to reject To share details of the country’s current BTC holdings. This information was requested by ALAC El Salvador – a non-governmental anti-corruption office. This secrecy around its Bitcoin holdings was seen as a way for its government to shield itself from criticism for potentially exposing its public to significant financial risk.

It is estimated that El Salvador has a total of 2,301 BTC as of September this year. In about a year, the value of bitcoin holdings has plummeted from $103.9 million (roughly Rs. 850 crores) to around $45 million (roughly Rs. 370 crores).

Last week, Bukele announce that El Salvador will buy one bitcoin every day as a gesture of support for the crypto industry amid the ongoing downturn.

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