The world’s largest cryptocurrency, Bitcoin (BTC), is connecting more countries as the government of El Salvador opens a “Bitcoin Embassy” in the United States.
El Salvador, a country that adopted Bitcoin as legal tender in 2021, is expanding its Bitcoin strategy into a new partnership with the Texas government. The intergovernmental collaboration aims to establish a Bitcoin Embassy, or El Salvador’s representative office, in Texas to work on new joint projects to promote Bitcoin adoption.
Milena Mayorga, Ambassador of El Salvador to the United States Announced the news in a statement on Twitter on February 14.
“In my meeting with the Undersecretary of the Government of Texas, Joe Esparza, we talked about the opening of the second Bitcoin Embassy and the expansion of commercial and economic exchange projects,” said Mayorga.
The state of Texas, our new ally.
In my meeting with the Assistant Secretary of the Government of Texas, Joe Esparza @TXsecofstatewe discussed the opening of the second Embassy #Bitcoin and to expand commercial and economic exchange projects. pic.twitter.com/NcmOjeadl6
— Milena Mayorga (@MilenaMayorga) February 14, 2023
The latest Bitcoin initiative comes a few months after El Salvador opened the first Bitcoin Embassy in the southern Swiss city of Lugano in October 2022. As part of the efforts, the two pro-crypto jurisdictions began to work to establish a physical government presence to promote cooperation in Bitcoin-related research and education institutions.
According to former Blockstream chief strategy officer Samson Mow, the Bitcoin embassy phenomenon is the next step in nation-states and cities adopting Bitcoin. He said that such initiatives involve cooperation between countries to develop new initiatives such as establishing alliances between places that have adopted Bitcoin.
Related: ‘Limited’ Bitcoin Use in El Salvador Avoids Forecasted Risks, IMF Says
The news comes amid Texas lawmakers are reportedly considering a new bill that calls for a “master plan for the expansion of the blockchain industry.” The legal initiative goals make Texas the crypto capital of the country by introducing tax-free shopping with Bitcoin, among other proposals.
As previously reported, Texas has become one of the crypto-friendly US states, passing crypto-friendly laws with the aim of better aligning business laws with blockchain innovation and asset regulations. digital. Texas is also home to some of the largest Bitcoin miners in North America, with major mining companies like Riot Blockchain, Core Scientific, and Genesis Digital Assets operating in the state.
