El Salvador Launches Special Bitcoin Office

El Salvador President Bukele launches a special agency to handle all things Bitcoin. The National Bitcoin Office will be a specialized administrative unit for managing all cryptocurrency-related projects.

Nayib Bukele, the President of El Salvador, ordered the creation of the National Bitcoin Office, an agency to handle all things Bitcoin.

El Salvador’s government appears committed to advancing their bitcoin agenda despite the ongoing bear market. The government established a National Bitcoin Office, which will serve as a “specific administrative organization, with functional and technical autonomy inside the Presidency of the Republic,” according to a recent LinkedIn post.

The agency will be completely free to oversee and counsel local bitcoin projects as well as collaborate with international organizations on projects using the most popular digital currency.

The organization will scrutinize everyone who requests a meeting with President Nayib Bukele, a BTC enthusiast, to talk about the country’s blockchain strategy. Additionally, it will collaborate closely with the various ministries to create appropriate rules for the local crypto industry and launch educational initiatives for Salvadorans.

The agency’s director will be hired by President Bukele, and he will, in his estimation, pick all other staff members as well.

El Salvador Laser Focused Despite Crypto Winter 

The El Salvador government recently announced a bill that would create a dedicated panel to draft rules for the local crypto business. The primary emphasis in El Salvador up until recently was bitcoin. The country created history by adopting the currency as legal money within its boundaries for the first time last year. It disclosed ambitions to establish a Bitcoin City and utilized the earnings from its BTC acquisitions to construct a sizable animal hospital.

According to the most recent information, the Central American nation has 2,381 BTC, which is almost $40 million (calculated at current prices). However, President Bukele revealed that starting on November 18, the government will begin purchasing one bitcoin every day, therefore the number of holdings may already have grown.