El Salvador Establishes New National Bitcoin Office

[Asiska02]

The government of El Salvador has established a National Bitcoin Office (ONBTC) in response to the Salvadoran president Nayib Bukele's announcement that the nation will purchase one bitcoin each day.

The new office was founded by Decree No. 49 signed by the president of El Salvador, Nayib Bukele, and is tasked with overseeing "all programs relating to the cryptocurrency."

The ONBTC's main goal will be to design, diagnose, plan, program, coordinate, follow up, measure, analyze, and evaluate plans, programs, and projects related to Bitcoin for the country's economic development. It will also be able to work with other nations on Bitcoin-related issues when necessary.

The National Bitcoin Office will shortly release its first report, according to a tweet from ONBTC. “The topic will be on the subject of [bitcoin mining] in El Salvador.”




What do you think about El Salvador’s newly established National Bitcoin Office?


Source: https://news.bitcoin.com/el-salvador-establishes-national-bitcoin-office-to-manage-all-projects-related-to-the-cryptocurrency/

[Die_empty]

What do you think about El Salvador’s newly established National Bitcoin Office?

This development is a good one because

1) This office have been given a legal backing to function because it is now backed by a law,
2) The office is autonomous, which means that it is free from government influence,
3) The next government after Bukele would have to follow this policy because it is backed by a law ( except the law is amended),
4) This office would give the government the opportunity to use the best brains in the bitcoin space and
5) Coordinating the nations bitcoin investment would be effective and efficient.    

[avikz]

Positive news obviously! Especially when everyone knows how bullish Mr. Bukele is about bitcoin. Possibly El-Salvador is going to create a robust framework around cryptocurrency and related policies which can later be used by other nations as a case study. El-Salvador is going to be the part of the bitcoin history.

I am more interested in knowing about their vision about bitcoin and future projects which will possibly be published in their first report. As they are seriously thinking about bitcoin mining at a large scale, many miners may find this country as their next destination if their home country bans it citing environmental issues. A vision of such things is surely there and we just need to see it in action once EU bans POW mining.

[Accardo]

Bukele is left with 6-7 years to rule El Savaldo if he wins the 2024 election. Purchasing 1 bitcoin everyday for 6 years is estimated at a total of 2190 BTC added to the 2380 BTC they've got in stock. As I was reading the article, something crossed my mind, if the next president of El Salvador happens to be interested in Agriculture other than digital currency he would move the accumulated Bitcoin into that sector. Thereby, shattering Bukele's dreams, unless the next Government continue buying 1 BTC when Bukele completes his tenor, El Savador won't achieve alot with Bitcoin.

[Agbe]

This is a very good news though the news has been on social media for about a week or more. El Salvador is a country that is investing in bitcoin heavily in this bear market. But what I don't understand in the promised of the president said that he will be buy one BTC every day. Is that myth or a real promised. Is it possible? If it is possible then how much is the country's budget of the year? And also if he is buying 1 BTC every day then that means he will not do another project in the country. In a development of any country, human capital development is the most priority.so if he forgot that part of the development and invest only on BTC then there will be hungry in the country and inflation will be very high because there will no cash flow in the country business again.

[buwaytress]

Bukele is left with 6-7 years to rule El Savaldo if he wins the 2024 election. Purchasing 1 bitcoin everyday for 6 years is estimated at a total of 2190 BTC added to the 2380 BTC they've got in stock. As I was reading the article, something crossed my mind, if the next president of El Salvador happens to be interested in Agriculture other than digital currency he would move the accumulated Bitcoin into that sector. Thereby, shattering Bukele's dreams, unless the next Government continue buying 1 BTC when Bukele completes his tenor, El Savador won't achieve alot with Bitcoin.

Rule is absolutely correct in this case, heh. I am all for Bitcoin but some guy deciding arbitrarily to buy Bitcoin that I cannot see will fall under control of the people (his keys, his coins, not El Salvador's...) does not really make me sot comfortable.

Hope at the end they get a guy who doesnt rule with an iron fist and eases the people into hr Bitcoin rev

[dothebeats]

They really are dedicated with this thing it seems. They have been constantly trying to improve theie country to become as friendly to bitcoin as possible. Great initiative from the current government and hopefully it stays like that even if the head of state changes seat. El Salvador might not be the finest country to tour in nor is it a tech hub of some sorts, but the government recognizes something considered as 'disruptive' and took their time with it. Hopefully the office is manned by those who aren't bought by money no matter the price.

[Anguwa]

What do you think about El Salvador’s newly established National Bitcoin Office?

El Salvador's leaders established this office to encourage the adoption of Bitcoin because they have complete faith in it. By using this bear market as an opportunity to buy more Bitcoin for the country, this office will help people believe in the work the government has been doing. This is a very good idea as it will encourage some of the country's citizens to buy their own Bitcoin in order to take advantage of the bear market. Perhaps other nations will follow El Salvador's lead and invest in Bitcoin to support their economies as a result of how transparent El Salvador has been with their investment.

[RockBell]

El Salvador's president has shown a lot of interest in bitcoin even though the country doesn't have much. Developing a strategy to invest in bitcoin is a good idea, and I think he should be the first to come up with such an idea at first I thought it was a joke at first but the man actually meant it. I love how el Salvador has dedicated time and resources to invest in bitcoin to the extent of opening an office. I wish him good luck on his project of investing.

[Flexystar]

I am not sure how are they doing it but it’s peoples money that they are using on daily basis. Whether it is investment in the right direction or not is real question here. I understand that they have made El Salvador as renowned country with one of the most bitcoin oriented approach however they also need to think about how people are reacting towards it? I have read and seen many articles where people were like they do not want bitcoin but they want proper infra and services in the public interest and many of them think governments should be more focused on it rather than bitcoin itself! That’s really negative thought but as bitcoin lover it may happen they will become one of the richest country soon if bitcoin went boom!

[TimeTeller]

They really are dedicated with this thing it seems. They have been constantly trying to improve theie country to become as friendly to bitcoin as possible. Great initiative from the current government and hopefully it stays like that even if the head of state changes seat. El Salvador might not be the finest country to tour in nor is it a tech hub of some sorts, but the government recognizes something considered as 'disruptive' and took their time with it. Hopefully the office is manned by those who aren't bought by money no matter the price.

This is what I am worried about, if Bukele will be replaced by a new President and the new one is not very pro-Bitcoin.
But in any case, if they already established their National BTC Office, it means, they are trying to legalize every aspect in bitcoin business.
Some are worried that adoption in El Salvador is not being seen as very progressive one, but it would take time before we see the impact of their initiatives.
It would be hard for the new President to revert their new protocols when it comes to crypto market, especially if it is contributing to their economy.

[348Judah]

I will not be surprised at seing this as another good winning edge from El-Savador's bitcoin adoption since it has always been ever ready in being dynamic with its mode of engaging bitcoin on every aspect of its own economy from within, this has also stand as against the failure spreading around the media that El-Savador has failed in it adoption, this office has been created to be fully decentralized from government authority and provide the best portfolio it has to represent altogether with bitcoin representation for the best interest of every El-Savadorans.

[kryptqnick]

It's good to hear that there will be a special authority from now on to oversee the crypto-friendly policies of El Salvador and evaluate their efficiency. I think it shows a more serious approach than when the president just decides to purchase some BTC or remind people about Bitcoin on Twitter. This could help work on a coherent strategy, analyse downsides and correct previous approaches. If they make a state mining farm using clean energy in El Salvador, that could be pretty interesting as well, and something for this new office to assess in advance and plan out.

[Leviathan.007]

I never heard anything about this ONBTC that you are writing about but lately and especially these days I have heard much about the adoption and progress of bitcoin in El Salvador, especially the news of the ONBTC. The question is whether or not the people in El Salvador were ever ready for this fast paced progress while, on the other hand, I see a lot of protests taking place from people who are unhappy with this progress, but this is a positive movement that can take place in any country or nation, no matter what they are.

[jossiel]

The question is whether or not the people in El Salvador were ever ready for this fast paced progress while, on the other hand, I see a lot of protests taking place from people who are unhappy with this progress, but this is a positive movement that can take place in any country or nation, no matter what they are.

I've seen interview from the people there and most that have been interviewed were not really yet ready for it. But they don't have option because it is what the policy and the government is implementing.

They're not that forced to know everything in an instant, it's a process for which the adoption is taking step by step coming from the street vendors up to the corporate levels.

[Vaskiy]

El Salvador keeps on adding new things to make bitcoin usage and adoption in an effective way. One such is the addition of new office for the Bitcoin and the same done through law is really impressive. Because it keeps things under control even if there is change of government. Experts in the market allowed to function free is another big thing it has done.

[Kemarit]

I think it's good that they have established a single entity that will overlook everything regarding their bitcoin.

Hope though that the people behind are going to be well knowledgeable and well verse and everything that they will decided will be back up and well research. Otherwise, this agency will be just like the rest, they have the power but don't know how to implement it.

I think Bukele knows the risk that's why he said that he will run in the next election to at least continue what he has started.

[franky1]

the crypto "trial" that began september 2021 using lightning failed because of liquidity bottlenecks of the network(no surprise)
by spring 2022 they moved over to using a CEX to be the back bone of btc accounts allowing withdrawals and deposits and trading of actual BTC instead of altnet tokens of LN that got stuck and caused headaches for many citizens,

so things have moved forward
the office will be overseeing/regulating this CEX and ensure the CEX runs correctly for its citizens and also help plan out other bitcoin projects.

seems like a few steps forward to me compared to the september 2021 problematic trial

[jokers10]

...
What do you think about El Salvador’s newly established National Bitcoin Office?
...

Well, as Bitcoin economy is still at the stage of development in a country, a special department is a good idea IMO. They still need to implement Bitcoin to different sectors of El Salvador economy. I think having main Bitcoin center in the country can help to make everything thoroughly and carefully.

[Hydrogen]

Someone I follow on social media travelled to ecuador and mentioned the #1 currency of choice there being precious metals based coins. Apparently people there have a dislike for both paper money and digital currency. They prefer to conduct business transactions in coins.

If that mentality is popular in central american regions. It could explain why el salvador would have difficulty achieving mass adoption with bitcoin.

If el salvador's goal is to promote crypto mass adoption. The best method they could use is to construct geothermal and hydroelectric plants to offer free electricity to residents. A format which residents could then use to mine cryptocurrencies. With minimum wage in el salvador being $240/month for low income bracket earners in the agriculture sector. Any gains made through crypto mining could go a long way towards improving their bottom line. For the approach to be successful, they might also need to subsidize the cost of GPUs and ASICS imported into the country.

As mining difficulty for most coins on a global scale is quite competitive. The next stage would be to deploy their own native coin with a low mining difficulty that was available exclusively to resident in the country. Of course, this is nothing new and has been tried in years past with iceland's auroracoin and similar projects:

https://en.wikipedia.org/wiki/Auroracoin

The basic blueprint and history of best methods for pushing crypto mass adoption has been around for many years and is nothing new.

If I remember right el salvador had also proposed "bitcoin city" which they intended to be like "akon city" and all of the other smart city, wakanda forever, development projects that were trending in news at the time. But the actual goal and motive could have been something other than crypto mass adoption. As can be common in politics.