El Salvador Forms For The National Bitcoin Agency To Monitor Domestic Cryptocurrency Projects

The government of El Salvador is a National Bitcoin institution. (Photo; Doc. Coin4coin)

JAKARTA - El Salvador as the first country to adopt Bitcoin as its official medium of exchange, has reportedly formed a crypto institution called the National Bitcoin Office (ONBTC). This government agency will play a role in overseeing all crypto asset projects in the country.

The ONBTC supervisory agency is also working with other countries regarding the Bitcoin program. The move was taken by the government of El Salvador amid the decline in the crypto market that has occurred in recent months. This is El Salvador's effort to improve its Bitcoin strategy.

Menurut laporan terbaru, pemerintah El Salvador membentuk Kantor Bitcoin Nasional yang akan berfungsi sebagai "unit administrasi khusus, dengan otonomi fungsi dan teknis dalam Kepresidenan Republik."

Later, ONBTC will have the freedom to manage and consult with all bitcoin projects in the country. The agency will also collaborate with organizations in other countries for the Bitcoin initiative.

"ONBTC's goal is to design, diagnose, plan, guide, coordinate, follow up, measure, analyze, and evaluate plans, programs, and projects related to bitcoin for the country's economic development," according to El Salvador, quoted by CryptoPotato.

In addition, ONBTC will also determine which parties will meet with president Nayib Bukele to discuss cooperation on blockchain and cryptocurrencies.

Furthermore, the new institution will also cooperate with the Ministry in formulating adequate rules for the crypto sector. The collaboration will introduce crypto educational programs for El Salvadorans.

"All public institutions must collaborate with ONBTC to fulfill its functions and objectives. For example, the Ministry of Foreign Affairs will collaborate in cases of international cooperation, while autonomous and municipality can do so far as their regulations allow," El Salvador said in a statement.

El Salvador is one of the countries in Latin America that has inaugurated Bitcoin as a medium of exchange since September 2021. President Nayib Bukele plans to establish the city of Bitcoin after it has successfully built a BTC mining center using volcanic energy.

Not only that, the country holding 2,381 BTC plans to build animal hospitals on a large scale from the profits it gets from Bitcoin. Meanwhile, President Nayib Bukele announced that his party is buying one bitcoin per day starting November 18 amid a deep crypto market decline that has taken place in recent months.