The world’s largest cryptocurrency, Bitcoin (BTC), is connecting more countries as the government of El Salvador opens a “Bitcoin Embassy” in the United States.
El Salvador, a country that will adopt Bitcoin as legal tender in 2021, is expanding its Bitcoin strategy with a new partnership with the Texas government. The intergovernmental collaboration aims to set up a Bitcoin Embassy, or representative office of El Salvador, in Texas to work on a new joint project to promote Bitcoin adoption.
Milena Mayorga, Ambassador of El Salvador to the United States, declare news in a statement on Twitter on February 14.
“In a 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 the commercial and economic exchange project,” said Mayorga.
The state of Texas, our new ally.
In my meeting with Texas Assistant Secretary of State, Joe Esparza @TXsecofstatewe discussed the opening of the second Embassy #Bitcoin and to develop commercial and economic exchange projects. pic.twitter.com/NcmOjeadl6
— Milena Mayorga (@MilenaMayorga) February 14, 2023
The latest Bitcoin initiative comes a few months after El Salvador opened its first Bitcoin Embassy in the southern Swiss city of Lugano in October. As part of their efforts, two pro-crypto jurisdictions began to work to establish a physical government presence in an effort to promote cooperation with educational and research institutions in relation to Bitcoin.
According to former Blockstream strategy officer Samson Mow, the Bitcoin Embassy phenomenon is the next step in countries and cities adopting Bitcoin. The initiative leads to cooperation between countries to develop new initiatives like the establishment of alliances between places that have adopted Bitcoin, he said.
related: El Salvador’s ‘limited’ use of Bitcoin prevents predicted risks, IMF says
The news comes amid Texas lawmakers reportedly considering a new bill that calls for 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 US states, passing crypto-friendly legislation aimed at better adapting commercial law to blockchain innovation and digital asset regulation. Texas is also home to some of the largest Bitcoin miners in North America, with major mining companies like Riot Blockchain, Scientific Core and Genesis Digital Assets operating in the state.