The world’s biggest cryptocurrency, Bitcoin (BTC), is connecting more countries as the government of El Salvador is opening 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, the Salvadoran Ambassador to the United States, announced the news in a statement on Twitter on Feb. 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 economic exchange projects,” Mayorga said.
The latest Bitcoin initiative comes a few months after El Salvador opened the first Bitcoin Embassy in Switzerland’s southern city of Lugano in October 2022. As part of the efforts, the two pro-crypto jurisdictions started working to establish a physical governmental presence to promote cooperation in education and research institutions related to Bitcoin.
According to former Blockstream chief strategy officer Samson Mow, the phenomenon of the Bitcoin embassy is the next step in nation-states and cities adopting Bitcoin. He said that such initiatives imply cooperation between countries to develop new initiatives like establishing alliances between places that have adopted Bitcoin.
Related: El Salvador’s ‘limited’ use of Bitcoin prevents forecasted risks, says IMF
The news comes amid Texas lawmakers reportedly considering a new bill calling for a “a master plan for the expansion of the blockchain industry.” The legal initiative aims to turn Texas into 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 U.S. states, passing crypto-friendly laws aiming to better adapt commercial laws to blockchain innovation and digital asset regulations. 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.
Source: Read Full Article