El Salvador Declares The Establishment Of The National Bitcoin Office (ONBTC)
It is without a doubt that the government of El Salvador is one of the major proponents of Bitcoin. Given previous occurrences, the country’s love for and belief in the supremacy of Bitcoin cannot be challenged.
The country has recently announced the creation of its National Bitcoin Office (ONBTC). The office will be in charge of all bitcoin-related affairs in the country.
Establishment Of The National Bitcoin Office (ONBTC)
President Nayib Bukele and his country, El Salvador, apparently happen to be one of the biggest proponents of the biggest cryptocurrency, bitcoin. The president has facilitated several developments to ascertain the supremacy of bitcoin in the country.
In September earlier this year, bitcoin became a legally recognised tender in the country following the propounding of the Bitcoin Law, and just a couple of weeks ago, president Nayib Bukele took to his Twitter page to announce the intention of the country to buy one bitcoin per day.
It has become a widely known piece of information that despite the controversies regarding bitcoin and the crypto industry generally, El Salvador (or at least its president) has never once wavered in its belief in bitcoin.
And as such, it came as no surprise when a recent LinkedIn post announced the creation of a national body for the administration and control of bitcoin in the country.
As deduced from the announcement, the National Bitcoin Office (ONBTC) will enjoy a great deal of freedom to act independently. The director of the office, who will be appointed by President Nayib Bukele, will be directly in charge of the office’s affairs, including the appointment of the staff.
The office is meant to be in charge of all affairs related to bitcoin, including partnering with foreign bodies for the betterment of the country’s bitcoin development and determining who gets to talk to Nayyib Bukele on bitcoin matters.
The Bitcoin office will also work in partnership with the appropriate quarters to devise regulations for the administrator of bitcoin locally.
El Salvador To Pass A Bill Regulating Crypto
It appears that outside of the whole bitcoin saga, El Salvador wants to spread its tentacles throughout the crypto industry.
A piece of legislation that proposes the establishment of a body that regulates the local crypto industry in the country has been released.
The bill, which proposes to create a set of comprehensive rules for the local administration of crypto and digital assets, is an indication that maybe El Salvador is slightly ahead of its peers as regards cryptocurrencies.
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