El Salvador Plans To Manage All Cryptocurrency Projects

According to Torres Legal El Salvador, the Government of El Salvador created the new National Bitcoin Office (ONBTC) planning to manage all crypto projects.

The office will work as a specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic, Torres Legal stated.

ONBTC’s goal is to 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 National Bitcoin Office also seeks collaboration with other countries in matters related to BTC.

As for the functions, the new agency will:

• Provide and conceptualize all information related to Bitcoin, Blockchain and cryptocurrencies in El Salvador to the general;
• Support international Bitcoin, Blockchain and cryptocurrency firms or investors who wish to invest and visit the country;
• Manage and analyze the general seeking meetings with the President of the Republic with the purpose of Bitcoin and Blockchain implementation in El Salvador;
• Coordinate the actions related to the formulation of relevant policies on Bitcoin and Blockchain that the Presidency determines in the short, medium and long term and its correspondence with the economic and educational programs.

The President of the Republic will appoint the director of the National Bitcoin Office, who will have the authority to assign staff members as needed to carry out the institution’s duties.

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