The country seeks to explore “opportunities for cultural and commercial exchange”.
El Salvador may be contemplating the idea of opening up a “Bitcoin embassy” in the city of Texas, United States. While the details of the plan remain sketchy at the moment, the country’s ambassador to the US, Milena Mayorga, has met with Texas Deputy Secretary of State Joe Esparza on the matter.
According to Mayorga’s announcement on Twitter, the meeting was focused on discussing “opportunities for cultural and commercial exchange”.
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 Continues to Foster Crypto Adoption with Bitcoin Embassy
At the moment, it is not exactly clear what El Salvador intends to achieve with this “embassy.” However, the move appears to be one of many other steps that the country has taken in recent times, which all seem to point to its aim of becoming a leading force in the adoption of cryptocurrency, both in Europe and the world at large.
To put the above statement into perspective, El Salvador became the first country in the world to make Bitcoin legal tender back in September 2021. And since then, the country has gone on to spend millions of dollars on Bitcoin purchases at different times. Meanwhile, it might be worth noting that Bitcoin purchases are now almost synonymous with El Salvador’s government. And that’s all thanks to President Nayib Bukele, whose love for Bitcoin also earned him the ‘Bitcoin President’ appellation.
More recently, the country also opened a “Bitcoin office” in Lugano, Switzerland in a bid to boost the adoption of crypto in Europe. About the Swiss initiative, El Salvador’s announcement at the time said it was to:
“…drive the adoption of Bitcoin and other cryptocurrencies across their respective regions” as well as “fostering the exchange of students and talents between El Salvador and Lugano.”
Meanwhile, for all of El Salvador’s frolicking with Bitcoin, a lot of criticisms have also emerged. For instance, Coinspeaker reported that its decision to make Bitcoin a legal tender did not sit well with the likes of the World Bank and the IMF.