El Salvador has launched a national bitcoin office (ONBTC) to coordinate all local bitcoin projects in the country. It will also coordinate with other countries and international organizations on bitcoin-related issues and projects.
“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 newly-created organization said in a Linkedin Post.
Despite a prolonged bear market, President Nayib Bukele has continued to express his optimism for bitcoin and recently announced that the Central American will buy 1 BTC every day, taking benefit of the dip.
Earlier, there were rumors that El Salvador lost all its BTC holdings in the bankrupt FTX. But soon Binance had clarified that El Salvador’s BTC stash had no exposure to FTX.
“The objective of the ONBTC 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,” the Linkedin post said.
As per the latest data, El Salvador holds 2,381 BTC coins and the number might have gone up marginally in the face of its planned acquisition of 1 BTC every day.