El Salvador creates National Bitcoin Office

The Salvadoran government has opened the National Bitcoin Office (ONBTC). It will oversee all local projects related to the first cryptocurrency, according to a post on LinkedIn.

The remit of the new agency is to develop, analyse, plan and coordinate Bitcoin-related programmes and projects for the country’s economic development.

ONBTC will handle relations with the media, international Bitcoin companies and prospective investors in El Salvador or those seeking to meet President Nayib Bukele on issues around the integration of the first cryptocurrency.

All government agencies are required to assist the National Bitcoin Office in carrying out its functions. The director of ONBTC will be appointed by the head of state.

Earlier, the authorities began considering a bill designed to bring order to the legal framework for dealings with providers and issuers of virtual asset services.

Back in September 2021, the Salvadoran authorities recognised Bitcoin as legal tender. МВФ criticised the move and recommended stripping the cryptocurrency of that status.

In July 2022, the country’s finance minister Alejandro Zelaya said that the rollout of digital gold expanded access to financial services to populations largely outside the reach of banking services, drew tourists and attracted investments.

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