El Salvador to Open Bitcoin Embassy in Texas
- El Salvador, under the leadership of President Nayib Bukele, is reportedly planning to open another Bitcoin embassy in Texas.
- The ambassador of the nation to the United States, Milena Mayorga, met with Jose “Joe” Esparza, Texas’ deputy secretary of state.
- El Salvador’s tourism has spiked ever since the adoption of Bitcoin (BTC) as legal tender.
- The International Monetary Fund noted that the country’s economy will soon return to pre-pandemic levels.
El Salvador, the first country to adopt Bitcoin as a legal currency, is reportedly planning to open another Bitcoin embassy in Texas. The country’s dedication to Bitcoin adoption has remained unscathed in the face of an increasingly bearish market as the President of the Central American country, Nayib Bukele, aims to harness the power of BTC to improve the nation’s economy.
The ambassador of the nation to the United States, Milena Mayorga, recently revealed that Salvadoran authorities might open a BTC embassy in Texas, also known as the Lone Star State.
In order to explore the new proposal, Mayorga met with Jose “Joe” Esparza, Texas’ deputy secretary of state. In a recent tweet, Mayorga outlined the financial relationship between El Salvador and the second-largest US state. She stated:
“We discussed the opening of the second Bitcoin embassy and the expansion of commercial and economic exchange projects. In 2022, El Salvador and the State of Texas had a commercial exchange of $1,244,636,983.”
Due to its promising regulations and local authorities’ pro-crypto positions, Texas has become a blockchain hub. Several bitcoin miners have also relocated to their region because of the region’s favorable climate and relatively low electricity prices.
It is important to note that renowned American politician Ted Cruz, who serves as the junior US senator for Texas, is a vocal supporter of Bitcoin. Though BTC gained major support from the Republican, the potential creation of a digital dollar is criticized by him. Last year, he introduced a bill that might prevent the Federal Reserve from launching such a financial product. At the time, Cruz stated:
“This bill goes a long way in making sure big government doesn’t attempt to centralize and control cryptocurrency so that it can continue to thrive and prosper in the United States. We should be empowering entrepreneurs, enabling innovation, and increasing individual freedom – not stifling it.”
Notably, in October last year, the Central American country signed a memorandum of understanding with the city of Lugano, Switzerland, to launch a Bitcoin office in the region. Mayorga stated at the time:
“My fellow Salvadorans and I are very excited by the promise of Bitcoin, and I look forward to seeing how this initiative will help increase access to economic security and economic freedom for all.”
Seeing the major increase in El Salvador’s GDP and tourism, the Lugano government has turned its attention to the crypto industry. Last year, they declared the city’s stablecoins, LVGA, Tether (USDT), and Bitcoin (BTC), to be legal tender.
As reported earlier by Bitnation, El Salvador established a new agency called National Bitcoin Office (ONBTC) which will be leading all the projects related to blockchain and cryptocurrencies in the Central American nation.