El Salvador is Opening a Bitcoin Embassy in the United States
The nation of El Salvador is creating a "Bitcoin Embassy" in the United States, making it the first government in the world to do so. Bitcoin (BTC) is the most popular cryptocurrency in the world.
In 2021, El Salvador became the first nation in the world to recognize bitcoin as a form of legal cash. Now, the country is extending its Bitcoin strategy via a new cooperation with the government of Texas. The intergovernmental partnership intends to establish a Bitcoin Embassy, also known as El Salvador's representative office, in Texas in order to collaborate on the development of new initiatives that seek to increase Bitcoin use.
Milena Mayorga, the Salvadoran Ambassador to the United States, broke the news in a message on Twitter on Feb. 14.
"During my meeting with the assistant secretary of the government of Texas, Joe Esparza, we discussed the opening of the second Bitcoin Embassy as well as the expansion of commercial and economic exchange projects," Mayorga said. "We also discussed the expansion of commercial and economic exchange projects."
The most recent Bitcoin project was launched only a few months after El Salvador established the world's first Bitcoin Embassy in the city of Lugano, which is located in the southern region of Switzerland, in October 2022. As a part of these efforts, the two pro-crypto jurisdictions have begun working toward the establishment of a physical governmental presence in order to foster collaboration in education and research institutes relevant to Bitcoin.
Samson Mow, who formerly served as the chief strategy officer at Blockstream, believes that the phenomenon of Bitcoin embassies is the next phase in the process of countries and cities embracing Bitcoin. According to what he mentioned, such projects need collaboration across nations in order to launch new initiatives such as forming alliances amongst locations that have accepted Bitcoin.
The announcement comes at a time when it is being claimed that state legislators in Texas are exploring a new measure that would require "a master plan for the growth of the blockchain business." The legislative initiative's overarching goal is to make Texas the cryptocurrency capital of the United States by, among other things, making purchases using Bitcoin exempt from sales tax.
As was previously reported, Texas has emerged as one of the crypto-friendly states in the United States. This is due to the state's passage of crypto-friendly legislation, which seek to better adapt commercial laws to the innovation brought about by blockchain and to digital asset regulations. Major mining businesses like Riot Blockchain, Core Scientific, and Genesis Digital Assets all have operations in the state of Texas. As a result, Texas is home to some of the most powerful Bitcoin miners in all of North America.
The amount of ETH burned will continue to increase as transaction fees are burned
Feb 18, 2023 2 Min Read
Silvergate Bank as defendants in a proposed class-action lawsuit from an FTX user
Feb 18, 2023 2 Min Read