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El Salvador opens a Bitcoin embassy in the United States

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El Salvador opens a Bitcoin embassy in the United States

Source: blockchain.news

The nation of El Salvador is creating a “Bitcoin Embassy” in the United States, becoming the first government in the world to do so. bitcoin (BTC) is the most popular cryptocurrency in the world.

In 2021, El Salvador became the first nation in the world to recognize bitcoin as a form of legal cash. Now, the country is expanding its Bitcoin strategy through a new cooperation with the Texas government. The intergovernmental association intends to establish a Bitcoin Embassy, ​​also known as the representative office of El Salvador, in Texas to assist in the development of new initiatives that seek to increase the use of Bitcoin.

Milena Mayorga, the Salvadoran ambassador to the United States, broke the news in a message on Twitter on February 14.

“During my meeting with Texas Undersecretary of Government Joe Esparza, we discussed the opening of the second Bitcoin Embassy, ​​as well as the expansion of commercial and economic exchange projects,” Mayorga said. “We also discussed the expansion of commercial and economic exchange projects.”

The most recent Bitcoin project was launched just a few months after El Salvador established the world’s first Bitcoin Embassy in the city of Lugano, located in the southern region of Switzerland, in October 2022. As part of these efforts, the Two pro-crypto jurisdictions have begun work to establish a physical government presence in order to foster collaboration in Bitcoin-relevant research and education institutes.

Samson Mow, who previously served as director of strategy at Blockstream, believes that the Bitcoin embassy phenomenon is the next phase in the process of countries and cities adopting Bitcoin. According to what he mentioned, such projects need collaboration between nations to launch new initiatives, such as forming alliances between locations that have accepted Bitcoin.

The announcement comes at a time when Texas state legislators are said to be exploring a new measure that would require “a master plan for the growth of the blockchain business.” The overall goal of the legislative initiative is to make Texas the cryptocurrency capital of the United States by, among other things, making purchases with Bitcoin exempt from sales tax.

As previously reported, Texas has become one of the crypto-friendly states in the United States. This is due to the state’s passage of crypto-friendly legislation, which seeks to better align business laws with blockchain-driven innovation and digital asset regulations. Major mining companies such as Riot Blockchain, Core Scientific, and Genesis Digital Assets have operations in the state of Texas. As a result, Texas is home to some of the most powerful Bitcoin miners in all of North America.

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