Nayib Bukele is the president of El Salvador who put the country on the world map after introducing Bitcoin as a legal tender. The country has faced criticism for enforcing Bitcoin as a currency because it goes against the tenets of decentralization.
However, Bukele’s claim for making the transition addresses the issue of financial inclusion and digitized payment networks in his country.
Recently, the falling prices of Bitcoin have put evangelists like Bukele and Michael Saylor in the public eye. However, MS claims that it is planning to sell more bonds to increase its Bitcoin reserves.
In the same manner, Bukele shares the resolve to purchase one Bitcoin every day. His new stance on Bitcoin has not received positive reviews from Bitcoin proponents either.
El Salvador’s National Bitcoin Office
The National Bitcoin Office is the latest endeavor of President Bukele. The report about this product was shared on Torres Legal on LinkedIn. The new agency called Bitcoin Office or ONBTC is a legal department that works to streamline and manage all the matters related to Bitcoin development in the nation.
It is important to mention that El Salvador issues projects like Chivo Wallet, a geothermal power plant, and a Bitcoin City that require strict supervision and management support.
Torres Legal shares the post about ONBTC a legal consulting firm that offers financial and business trading services in El Salvador.
The Ministry of Tourism and President Bukele signs the ONBTC legislature. The news about the creation of The Bitcoin Office was published in Official Gazette recently. At the same time, the state also delegates it to cooperate with other state agencies to manage matters related to Bitcoin.
The main responsibilities of ONBTC include designing, diagnosing, planning, and programming all the issues related to Bitcoin. ONBTC will work on ingraining Bitcoin in the economic development of the country as per the LinkedIn post.
It is a keen observation that the introduction of Bitcoin goes against DeFi tenets. The country can consider retracting the legal status of Bitcoin and keep introducing public cryptocurrency products such as Chivo wallet for greater integration keeping the choice for individuals open.