El Salvador to establish a “Bitcoin Embassy” in Texas

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Key Takeaways:

  • El Salvador is establishing a second Bitcoin Embassy in Texas after establishing its first one in Lugano, Switzerland.
  • They talked about boosting efforts to exchange goods and services and opening a second Bitcoin embassy.

As El Salvador’s government establishes a “Bitcoin Embassy” in the United States, the largest cryptocurrency in the world, Bitcoin, is bridging more international borders.

El Salvador, a nation that made Bitcoin legal tender in 2021, is enhancing its Bitcoin strategy with a new collaboration with the Texas government. The intergovernmental cooperation intends to build El Salvador’s representative office, or a Bitcoin Embassy, in Texas in order to engage in new joint projects to promote Bitcoin adoption.

This information was tweeted by the Salvadoran ambassador to the United States, Milena Mayorga, on February 14. Milena stated:

“In my meeting with the assistant secretary of the government of Texas, Joe Esparza, we discussed the opening of the second Bitcoin Embassy and the expansion of commercial and economic exchange projects,” 

There are a number of initiatives within the nation that rely exclusively on bitcoin as a means of running their affairs, in addition to hosting a successful conference and taking the first steps toward the production of sovereign debt bonds backed by bitcoin.

El Salvador took a step forward when it opened an embassy in Switzerland, and this meeting between the ambassador and officials from the Texas government is another significant step in the country’s embrace of Bitcoin. Milena also stated:

“In 2022, El Salvador and the State of Texas had a commercial exchange of $1,244,636,983.”

The information is released at the same time that Texas lawmakers are allegedly preparing a new bill that would require a “master plan for the expansion of the blockchain business.” Moreover, the initiative intends to make Texas the nation’s cryptocurrency capital by allowing the purchase of Bitcoins to be tax-free, in addition to other measures.

With the passage of crypto-friendly laws intended to better align business laws with blockchain innovation and digital asset regulations, Texas has emerged as one of the most crypto-friendly states in the United States. In addition to having some of the biggest Bitcoin miners in North America operating in the state, Texas also has many notable mining firms, such as Riot Blockchain, Core Scientific, and Genesis Digital Assets, that operate in the state.

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