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El Salvador is the Country of Central America or officially the Republic of El Salvador, is a country in Central America. It was the first country that adopted Bitcoin as a legal tender. It is generally known as the Land of Volcanoes.
The First Bitcoin Office
On November 25, 2022, the Government of El Salvador created the New Bitcoin Office (ONBTC.) The aim of this office is for managing all projects that will be related to the cryptocurrency.
Torres Legal El Salvador, Business Consulting and Services, shared the information that the new agency will work as a specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic.
The creation of the Bitcoin office was through Decree No. 49, published in the Official Gazette (legal newspaper of a country) of November 17, 2022. It is signed by the President of the Republic, and the Minister of Tourism as in charge of the office of the Minister of Economy.
In the Official Gazette, Article 2 defines the objective of the ONBTC. The office will design, diagnose, plan, program, coordinate, follow up, measure, analyze and evaluate plans, programs and projects related to Bitcoin for the economic development of the country.
The ONBTC must also support international Bitcoin, Blockchain and cryptocurrency companies or investors who want to invest and visit the country. This will play an active role in Salvadoran participation in different international forums.
Additionally, the ONBTC has to manage and analyze all persons seeking meetings with the President of the Republic, with the purpose of Bitcoin and Blockchain implementation in El Salvador.
The Director of Bitcoin Office
Stacy Herbert shared a tweet in which she said, “Honored to be involved in setting up the Bitcoin Office for President Bukele.”
In the long-tailed twitter thread, she added about the President’s policy of economic liberty that has attracted an enormous amount of both capital and entrepreneurs to move to El Salvador.
She believes that “the new securities law and the upcoming volcano bond will bring even more Paso a paso thus the country will become the place that everyone wants to be.”
Ms. Herbert also clarified that she will not receive any salary, or any contracts from either El Salvador or any private firm.She is doing this just for El Salvador’s President, Bukele.
In recent times, El Salvador President Bukele, also made an announcement that it will begin purchasing one Bitcoin (BTC) every day.
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