The authorities of El Salvador created the National Bitcoin Office

Representatives of El Salvador announced that they have created a National Bitcoin Office. His direct duties will include control of all possible initiatives related to the cryptocurrency markets. Thus, the National Bitcoin Office will become a special division of the administration that will deal with issues related to bitcoins, and at the same time have the full patronage of the President of the State of El Salvador.

Earlier, Nayib Bukele, the President of the country, signed Decree No. 49, which became the starting point for the creation of such an important unit. It is also worth noting that the responsibilities of the National Bitcoin Office will include not only the control of various operations and conceptualization, but also communication with the media, where they will transfer the necessary information about the position of El Salvador in the cryptocurrency market.

Among other things, Nayib Bukele wants the national bitcoin office to be able to cooperate with other countries that want it. In addition, if large organizations appear outside of El Salvador that have a desire to conduct a cryptocurrency business in the country of Nayiba Bukele, then this office will be able to provide all the opportunities for this and cooperate. Thus, Bukele wants to strengthen the position of El Salvador in the international cryptocurrency space and find allies or partners in this field.

The President of El Salvador strongly supports the flagship cryptocurrency

Photo: Rolan Barrientos—APHOTOGRAFIA/Getty Images

The creation of the National Bitcoin Office is not the only interesting decision El Salvador has made regarding cryptocurrencies. The country’s authorities also want to consider a “Digital Asset Issuance Law” that will help them regulate the activities of cryptocurrency service providers in El Salvador. In this way, the state authorities want to contribute to the development of the digital asset market and protect the interests of buyers who are located in El Salvador.

Many countries believe that Nayib Bukele, with his innovations in El Salvador, can lead to a bad situation. Recall that this country was the first in the world to adopt bitcoin as a national cryptocurrency. More than a year has passed since then, but only a small part of citizens prefer to use bitcoin as payment. In addition, since the adoption of bitcoin in El Salvador, the cryptocurrency has lost a lot of value and at the time of writing, the cost of one BTC is $16,500, which is 61% less than in October 2021.

Bukele recently said that El Salvador is supportive of the idea of its development towards cryptocurrencies and will continue to buy bitcoin. According to Nayib, El Salvador will buy 1 BTC every day. If the state adheres to such a strategy for at least the next six months, then in 2-3 years it can play into their hands and improve their financial situation.