El Salvador Plans to Open Bitcoin Embassy in the US

El Salvador wishes to open a bitcoin embassy in “new ally” Texas to aid “expansion of commercial and economic exchange projects.”

El Salvador is in talks to open a “bitcoin embassy” in Texas, its ambassador to the United States Milena Mayorga said on Tuesday. Mayorga said on Twitter that the Central American country wants to open a Bitcoin embassy in its “new ally” Texas. After meeting with the state’s Secretary of State, Joe Esparza, Mayorga said the embassy would help “expand commercial and economic exchange programs.”

The news comes as Texas lawmakers are reportedly considering a new bill calling for a master plan for blockchain industry expansion. The legislative initiative aims to make Texas the cryptocurrency capital of the country by introducing tax-free Bitcoin shopping, among other things. Texas has emerged as one of the most crypto-friendly states in the US, passing crypto-friendly laws aimed at making business laws more aligned with blockchain innovation and digital asset regulations. Texas is also home to some of North America’s largest bitcoin miners, with major mining companies such as Riot Blockchain, Core Scientific, and Genesis Digital Assets operating in the state.

El Salvador Taking Further Steps to Bitcoin Adoption

The latest bitcoin initiative comes 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 cryptocurrency-friendly jurisdictions have made efforts to set up a physical government agency to facilitate collaboration in Bitcoin-related education and research institutions in Switzerland.

According to former Blockstream Chief Strategy Officer Samson Mow, the Bitcoin Embassy phenomenon is the next step in the adoption of Bitcoin by nation-states and cities. Such initiatives, he said, imply cooperation between countries to develop new initiatives, such as B. creating alliances between places where bitcoin is accepted.

El Salvador became the first country to adopt Bitcoin (BTC) as legal tender in 2021 and recently passed legislation that will facilitate the issuance of Bitcoin-backed bonds.