The government of El Salvador has doubled down on crypto initiatives by creating the National Bitcoin Office (ONBTC) which will oversee all local Bitcoin-related projects.

The new agency will be able to cooperate with other countries on Bitcoin-related matters.

National Bitcoin Bureau (ONBTC):

Despite the prolonged bear market, the El Salvadoran authorities seem determined to develop their own bitcoin strategy.

According to a recent post on LinkedIn, the government has established the National Bitcoin Office which will function as a specialized administrative unit with functional and technical autonomy within the Presidency of the Republic.

The agency will be free to run local bitcoin projects, consult with them, and join other country organizations on initiatives related to the leading digital currency. The post also states:

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The objective of ONBTC will be to design, diagnose, plan, program, coordinate, monitor, measure, analyze and evaluate bitcoin related plans, programs and projects for the economic development of the country.

The entity will analyze all individuals who want to meet with the bitcoin-loving president of El Salvador to discuss the path of blockchain in the country.

The office will also work closely with various ministries to formulate appropriate regulations for the local crypto sector and introduce educational programs for Salvadorans.

President Bukele will appoint the director of the office, while the latter will appoint all the necessary personnel according to his understanding.

El Salvador is still focused on Bitcoin:

The government introduced a bill earlier this week aimed at creating regulations on the domestic crypto industry through the formation of a specific committee.

Until recently, El Salvador’s primary focus was Bitcoin.

The nation made history last year by becoming the first to embrace the currency as legal tender within its borders.

El Salvador has announced plans to create a bitcoin city and build a massive veterinary hospital using the profits from bitcoin purchases.

Read:Cryptocurrency market turns green after Fed meeting

The latest data reveals that the Central American country owns 2,381 bitcoins, which is roughly $40 million (calculated at current prices).

Despite this, President Bukele revealed that the government will start buying 1 bitcoin per day starting from November 18th, which means holdings may have increased now.

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