Irrespective of the current market chaos, El Salvador continues to be perpetually progressive towards Bitcoin, advancing advancements in the direction and favor of it with every passing day.
It announced Bitcoin as a legal tender around a year ago and is currently working on a draft for a law on issuing digital assets that would make it easier to deal with any crypto asset, as reported by Todayq News. Following this comes a recent revelation regarding the nation’s government setting up an office exclusively dedicated to Bitcoin.
As per the sources, the government of El Salvador has set up a National Bitcoin Office (ONBTC) to authorize all the segments associated with cryptocurrency. The agency’s establishment was signed by president Nayib Bukele and the Ministry of Tourism through decree no. forty-nine as published in the official gazette.
The newly established body would also look forward to global collaboration on cryptocurrency-related matters. The framework describes the objective of ONBTC to design, program, diagnose, plan, coordinate, measure, follow-up, analyze and evaluate plans, programs, and projects related to Bitcoin for the nation’s economic development. It will also facilitate communication nationwide between the president and individuals on Bitcoin and other blockchain implementations.
Stacy Herbert, an American-born writer, and producer involved in the establishment of ONBTC via tweet, also confirmed the new establishment. She also asked everyone to follow the office’s Twitter handle.Â
Despite the prolonged bear phase, the country has been unstoppable in its advocacy for Bitcoin. Recently via Twitter, the country’s president also revealed his plan to buy one Bitcoin a day. However, the country is anticipated to be 63% down in its Bitcoin holdings, as suggested by data from nayibtracker.com, a website that tracks its Bitcoin portfolio.
It has been investing in Bitcoin since September 2021 and has an unrealized loss of over $67 million in its holdings of 2396 coins. However, the country’s president remains optimistic about it and urges investors to be patient, citing it as a safe investment.
Earlier this year, Alejandro Zelaya, a Salvadoran politician, also said that adopting bitcoin had benefited El Salvador’s unbanked citizens and drawn in tourists and investments.