The government of El Salvador has formed a National Bitcoin Office, abbreviated as ONBTC, to monitor local initiatives linked to cryptocurrencies and digital assets in general.
It is anticipated that the newly created ONBTC agency would work in conjunction with agencies from other nations on issues pertaining to BTC by creating 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 mission of the ONBTC will be to create, diagnose, plan, program, coordinate, follow up, measure, analyze, and evaluate plans, programs, and projects linked to Bitcoin with the purpose of contributing to the economic growth of the nation. According to the article published by Torres Legal El Salvador, the government of El Salvador will have the ability to work together with the governments of other nations on issues pertaining to the BTC.
There will be no restrictions placed on the agency’s authority to administer and advise on domestic bitcoin projects, and it will be granted permission to collaborate with the organizations of other nations on efforts relating to the most prominent digital currency.
This organization is responsible for a variety of tasks, some of which include the development of new ideas and the dissemination of information about Bitcoin, Blockchain, and other cryptocurrencies in El Salvador to the local media as well as to anyone else who might have an interest in these topics.
In addition to this, the agency will be responsible for managing any and all persons who request a meeting with the President of the Republic of El Salvador with the primary goal of integrating Bitcoin and blockchain technology in the country.
On the other hand, ONBTC needs to encourage worldwide Bitcoin alongside cryptocurrency firms and interested investors who want to invest. Additionally, the agency is going to be responsible for contributing to El Salvador’s involvement in a variety of international fora.
Coordinating the actions that are related to the formulation of relevant policies on Bitcoin and Blockchain, which are determined by the President in the short-medium and long-term, that are aligned with the economic and educational programs coordinated with the appropriate institutions is a priority.
“In order for the ONBTC to successfully carry out its duties and accomplish its goals, all public institutions are required to work together with it. As an instance, the Ministry of Foreign Affairs will cooperate in situations involving international collaboration, while the autonomous regions and municipalities may do so to the degree that their rules permit.
It is anticipated of public institutions that they will work together with the BTC to accomplish all of the tasks and goals set out by the ONBTC.
The President will be responsible for appointing the director of the Bitcoin Office, and that individual will have the ability to recruit staff members as required to carry out the institution’s activities in a manner that is consistent with its goals.
Compiled by Coinbold