The National Bitcoin Office has been opened by the government of El Salvador (ONBTC). This new office will be responsible for promoting and regulating the use of Bitcoin in the country. A decree signed by the president and the Minister of Tourism established the office.
With a focus on Bitcoin and El Salvador’s economic development, ONBTC will develop, examine, and assess various plans, projects, and programs. The unit will be able to work with other nations on issues pertaining to the first cryptocurrency, if necessary.
The organization’s primary duties include conceptualizing and informing “the media and any interested parties” about Bitcoin, blockchain technology, and cryptocurrencies in El Salvador.
All branches of government must help the National Bitcoin Office carry out its duties. The chief of state will choose the ONBTC director.
A bill to establish a legal framework for communication with service providers, and issuers of virtual asset services, was earlier being considered by the nation’s government.
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