El Salvador creates National Bitcoin Office

The Government of El Salvador created the new National Bitcoin Office (ONBTC), aimed at managing all projects related to the cryptocurrency.  

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 entity was through Decree No. 49, published in the Official Gazette of November 17, signed by the President of the Republic, and the Minister of Tourism as in charge of the office of the Minister of Economy.

Article 2 defines the objective of the ONBTC which will be 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. It will also be able to collaborate with other countries when required, in matters related to the BTC.

Among the functions of the entity are to conceptualize and provide information related to Bitcoin, Blockchain and cryptocurrencies in El Salvador, "to the media and any interested person".

The ONBTC must also support international Bitcoin, Blockchain and cryptocurrency companies or investors who wish to invest and visit the country, as well as play an active role in Salvadoran participation in different international forums.

In addition, 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. 

Another task of the Bitcoin Office is to 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 in coordination with the corresponding Institutions.

In that sense, all public institutions shall collaborate with the ONBTC for the fulfillment of its functions and objectives. For example, the Ministry of Foreign Affairs will collaborate in cases of international cooperation, while the autonomous and municipalities may do so to the extent that their regulations allow.

The director of the Bitcoin Office will be appointed by the President of the Republic, and will be able to hire personnel as required to fulfill the functions of the institution.

For more information about the operation of this new agency you can contact our legal team or visit our offices located at Calle Cuscatlán, #4312, Colonia Escalón, San Salvador, El Salvador.

Torres Legal