El Salvador is opening a 2nd “Bitcoin Embassy” in Texas
El Salvador officially announced the opening of a new “Bitcoin Embassy” on February 14th with the intention of promoting education and research institutions related to bitcoin.
The Central American country became the first country to introduce bitcoin as legal tender back in 2021. Now, the country is expanding its strategy by finding a new ally in Texas, U.S., where the 2nd “Bitcoin Embassy” in the world will be opened.
Ahead of the opening of the new establishment in Texas, the Salvadoran Ambassador to the United States, Milena Mayorga, tweeted that the Embassy will aid the “expansion of commercial and economic exchange projects,” following a meeting with the state’s Secretary of State, Joe Esparza.
The Texas Work Group on Blockchain Matters is reportedly proposing a master plan to expand the blockchain industry in Texas, which will turn the city into the most important crypto hub in the U.S., by adopting tax-free shopping with bitcoin, amongst many other proposals.
In October 2022, El Salvador pushed the limits once again to open the 1st “Bitcoin Embassy” in Lugano, Switzerland to encourage the adoption of bitcoin and other cryptocurrencies across Europe.
As of November 2022, El Salvador had already purchased 2 381 bitcoin for a total sum of 105 million USD. In early February 2023, with the price of bitcoin at around 23 000 USD, the Central American country’s holding was worth 55 million USD.
Sources: cointelegraph.com, markets.businessinsider.com, www.coindesk.com, portal.bcwg.texas.gov
analyst opinion
Diego Kebork
The Central American country became the first country to introduce bitcoin as legal tender back in 2021. Now, the country is expanding its strategy by finding a new ally in Texas, U.S., where the 2nd “Bitcoin Embassy” in the world will be opened.
Ahead of the opening of the new establishment in Texas, the Salvadoran Ambassador to the United States, Milena Mayorga, tweeted that the Embassy will aid the “expansion of commercial and economic exchange projects,” following a meeting with the state’s Secretary of State, Joe Esparza.
The Texas Work Group on Blockchain Matters is reportedly proposing a master plan to expand the blockchain industry in Texas, which will turn the city into the most important crypto hub in the U.S., by adopting tax-free shopping with bitcoin, amongst many other proposals.
In October 2022, El Salvador pushed the limits once again to open the 1st “Bitcoin Embassy” in Lugano, Switzerland to encourage the adoption of bitcoin and other cryptocurrencies across Europe.
As of November 2022, El Salvador had already purchased 2 381 bitcoin for a total sum of 105 million USD. In early February 2023, with the price of bitcoin at around 23 000 USD, the Central American country’s holding was worth 55 million USD.
Sources: cointelegraph.com, markets.businessinsider.com, www.coindesk.com, portal.bcwg.texas.gov
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