The El Salvador authorities have developed a National Bitcoin Office (ONBTC). It will manage all the projects dealing with crypto. The office will operate as a dedicated administrative unit, having technical and functional sovereignty in the Republic’s Presidency. Earlier, Russia announced to launch a government-led crypto exchange.
El Salvador Advances Its Bitcoin Strategy with the Creation of the National Bitcoin Office
The creation of the agency was published on the 17th of November in the Official Gazette through Decree N0. 49. The President of the Republic as well as the Minister of Tourism inked it. The ONBTC’s objectives are defined in article 2, taking into account the development, planning, programming, coordination, follow-up, measurement, and analysis, as well as the evaluation-related strategies as well as projects dealing with Bitcoin to advance the economic development of the country.
It will have the ability to partner up with the rest of the countries if required. In this way, it can focus on the issues related to Bitcoin. The conceptualization and provision of information linked to Bitcoin, cryptocurrencies, and blockchain, are also the primary functions of the entity. The office would additionally offer support for crypto, blockchain, and Bitcoin-related investors or firms internationally to come to the country.
With this, they can invest and play a vital role in the participation of El Salvador in diverse international forums. Apart from that, the ONBTC requires analyzing and managing the entirety of the persons pursuing discussions with the Republic’s President for blockchain and Bitcoin implementation. The position of the Republic’s President will be given to the Bitcoin Office’s director with the ability to appoint personnel needed to accomplish the operations of the organization.
El Salvador Announces Purchasing 1 Bitcoin Daily, Tron Founder Reacts
Recently, the Central American country announced to buy 1 Bitcoin daily. This news came months later than the Salvadoran purchase of up to 80 Bitcoin for $19,000 per coin. The present Bitcoin holdings of the country contain nearly 2,381 Bitcoin at $43,357 as the average rate, as per the data provided by “Buy Bitcoin Worldwide.”
El Salvador has reportedly expended almost $103.23M on its Bitcoin endeavours up till now. Nonetheless, as the top crypto token is trading around $16,500, this indicates this stash’s real value is nearly $39.47M, signifying the losses of over $63M. Justin Sun (the founder of Tron) was one of the prominent figures in the crypto market to immediately respond to this news on Twitter. He stated that they would also buy Bitcoin daily.
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