February 16, 2023

El Salvador Opens Bitcoin Embassy in US

El Salvador Opens Bitcoin Embassy in US Featured Image

In a surprising development, El Salvador’s government decided to open a “Bitcoin Embassy” in the United States, according to Cointelegraph.

Through a new partnership with the government of Texas, US, El Salvador will establish an embassy (a representative office) to work with the US state on new joint projects to bolster Bitcoin adoption.

In this regard, Salvadoran Ambassador to the US Milena Mayorga tweeted that she had met with Deputy Secretary of the Government of Texas Joe Esparza and discussed the opening of the second Embassy Bitcoin and the expansion of commercial and economic exchange projects.

El Salvador’s move comes a few months after it opened the first Bitcoin Embassy in Switzerland’s southern city of Lugano in October 2022. As of November 2022, El Salvador had purchased 2,381 bitcoin in addition to being one of the world’s top countries in terms of the number of crypto ATMs as it represents about 54% of all crypto ATMs in South America.

El Salvador surpasses European countries like Switzerland and the United Kingdom in the number of crypto ATMs. Currently, it uses both Bitcoin and the US dollar as legal tender.

Experts said that El Salvador’s bitcoin embassies would boost cooperation with countries that adopt bitcoin and develop innovative initiatives between them, including establishing alliances.

Moreover, the news comes in conjunction with Texas lawmakers’ consideration of introducing a new bill that aims to expand the blockchain industry in the state to make it the crypto capital of the country by introducing tax-free shopping with Bitcoin, among other proposals.

Tags :
Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.