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El Salvador Seeks to Establish ‘Bitcoin Embassy’ in Texas

source-logo  financemagnates.com 15 February 2023 16:33, UTC

El Salvador, the Central American country that emerged as the first nation to officially adopt Bitcoin as a legal tender in September 2021 has announced plans to open a ‘Bitcoin Embassy’ in the United States. The country wants to open the office in Texas, one of the United States’ most crypto-friendly states.

Milena Mayorga, El Salvador’s Ambassador to the United States, announced the development on Tuesday on Twitter, noting that the country discussed “expanding commercial and economic projects” in its meeting with Joe Esparzam, the Assistant Secretary of the Government of Texas.

El estado de Texas, nuestro nuevo aliado.

En mi encuentro con el Secretario Adjunto del Gobierno de Texas, Joe Esparza @TXsecofstate, abordamos la apertura de la segunda Embajada #Bitcoin y de ampliar los proyectos de intercambios comerciales y económicos. 🇺🇸🤝🇸🇻 pic.twitter.com/NcmOjeadl6

— Milena Mayorga (@MilenaMayorga) February 14, 2023

El Salvador disclosed the new plan over three months after it signed a memorandum of understanding on economic cooperation with Lugano, a city in Switzerland. Through the agreement, El Salvador and Lugano are seeking to enhance their cooperation in education and research as well as promote the adoption of Bitcoin and other digital assets. Meanwhile, Lugano in 2022 accepted Bitcoin as legal tender in the region and encouraged local businesses to accept crypto payments in everyday transactions.

Crypto Friendly States in US

In May 2021, Texas passed a crypto bill that sought to establish a legal framework for Bitcoin investments in the state. The bill was later signed into law by the State Governor Greg Abbott.

Blockchain is a booming industry that Texas needs to be involved in.

I just signed a law for Texas to create a master plan for expanding the blockchain industry in Texas.#Blockchain #Bitcoin#cryptocurrency pic.twitter.com/bMKXxxYooe

— Greg Abbott (@GregAbbott_TX) June 5, 2021

Other crypto-friendly states in the US include Colorado, Ohio, Wyoming and California. Some of these states have passed one form of crypto regulation or another in the past years.

El Salvador Continues with Bitcoin Dream

While El Salvador matches on with its dream of integrating Bitcoin into its national life, not all stakeholders have embraced the path the country is towing. In November 2021, Andrew Bailey, the Governor of the Bank of England, expressed concerns about the country's use of Bitcoin as legal tender, citing the volatile nature of the digital currency.

At the start of that year, the International Monetary Fund also raised concerns about the Central American country’s Bitcoin adoption, noting that the foremost digital currency as legal tender poses risks.