El Salvador opens a ‘Bitcoin embassy’ in the US
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 in a new partnership with the government of Texas. The intergovernmental collaboration aims to set up a Bitcoin embassy, or El Salvador’s representative office, in Texas to work on new joint projects to promote Bitcoin adoption.
Milena Mayorga, Salvadoran Ambassador to the United States, announced the news in a statement on Twitter on February 14.
“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 financial exchange projects,” Mayorga said.
El estado de Texas, nuestro new allyado.
En mi encuentro med Secretario Adjunto del Gobierno de Texas, Joe Esparza @TXsecofstateabordamos la apertura de la segunda Embajada #Bitcoin y de ampliar los proyectos de intercambios commerciales y económicos. pic.twitter.com/NcmOjeadl6
— Milena Mayorga (@MilenaMayorga) 14 February 2023
The latest Bitcoin initiative comes a few months after El Salvador opened its first Bitcoin embassy in the southern Swiss city of Lugano in October 2022. As part of the effort, the two pro-crypto jurisdictions began establishing a physical state presence to promote cooperation in educational and research institutions related to Bitcoin.
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 such initiatives involve cooperation between countries to develop new initiatives such as establishing alliances between places that have adopted Bitcoin.
Related: El Salvador’s ‘limited’ use of Bitcoin prevents forecasted risks, IMF says
The news comes amid Texas lawmakers reportedly considering a new bill that calls for “a master plan for the expansion of the blockchain industry.” The legal initiative aims to make Texas the crypto capital of the country by introducing tax-free shopping with Bitcoin, among other proposals.
As previously reported, Texas has emerged as one of the crypto-friendly US states, passing crypto-friendly laws that aim to better align commercial laws with blockchain innovation and digital asset regulations. Texas is also home to some of the largest Bitcoin miners in North America, with major mining companies such as Riot Blockchain, Core Scientific, and Genesis Digital Assets operating in the state.
