El Salvador opens the National Bitcoin Office

Despite the unstable situation in the crypto market, the government of El Salvador intends to continue developing projects related to Bitcoin.

Recently, the authorities announced the establishment of a National Bitcoin Office (ONBTC). The organisation was created on the basis of a decree signed by Bukele and El Salvador’s tourism and economy ministers. The Director of the ONBTC will be appointed by the President.

The ONBTC will provide advice on Bitcoin to all Bitcoin-related projects and cooperate with other countries on the introduction of Bitcoin. According to the authorities, the new office will also evaluate, analyse and coordinate various programs and projects related to Bitcoin. This will contribute to the economic development of the country.

In addition, the Bitcoin Office will allow crypto enthusiasts of El Salvador to ask for a meeting with President Bukele and discuss initiatives that will help introduce Bitcoin into various spheres.

The ONBTC will also work together with various departments to develop adequate regulation of the activities of crypto companies. Moreover, one of the main tasks of the Office is to create state educational programs on cryptocurrencies and blockchain.

Earlier, Nayib Bukele announced that El Salvador will buy one Bitcoin every day. At the time, El Salvador’s Bitcoin stash was about 2,381 BTC. The President believes that such a decision will have a positive impact on the economy of the country. Bukele also thinks that Bitcoin will be able to supplant fiat money in the future.

In September of 2021, El Salvador recognized Bitcoin as a legal means of payment. This step was criticised by the International Monetary Fund, which recommended to deprive Bitcoin of that status.