- El Salvador opened its first Bitcoin Embassy in Lugano, Switzerland and is now opening a second one in Texas.
- The Texas Bitcoin Foundation, a public charity dedicated to research and education about Bitcoin, coordinated the meeting between Salvadoran and Texas state officials.
- El Salvador has made moves to create the first bitcoin-backed sovereign debt bonds as well as hosting a successful conference, and is home to many projects entirely powered by Bitcoin.
El Salvador Opens Second Bitcoin Embassy in Texas
El Salvador is expanding its presence in the cryptocurrency world with the opening of its second Bitcoin Embassy. This new embassy will be located in Texas and was announced following a meeting between El Salvador’s Ambassador to the United States, Milena Mayorga, other representatives of El Salvador, and Joe Esparza, Deputy Secretary of the Government of Texas.
Texas Hosts Delegation from El Salvador
The delegation from El Salvador was hosted by The Texas Bitcoin Foundation, a public charity dedicated to research and education about Bitcoin. During the meeting between Mayorga and Esparza it was discussed that commercial exchanges between El Salvador and Texas had reached $1.24 billion dollars for 2022.
El Salvadors Involvement with Cryptocurrency
Since becoming the first country in the world to make bitcoin legal tender, El Salvador has been making strides within the cryptocurrency industry. The country has created sovereign debt bonds backed by bitcoin as well as successfully hosting conferences related to blockchain technology. Additionally, many projects within El Salavdor are powered entirely by bitcoin.
Texas Government Pro-Bitcoin
The establishment of this embassy is another milestone for both countries but especially for those involved with cryptocurrency. Much of the government within Texas has been publicly pro-bitcoin since late 2020 which further solidifies their involvement with this industry.
Conclusion
With its latest move to open another embassy in Texas, El Salvadors increasing acceptance of cryptocurrency does not seem like it will be slowing down anytime soon. By continuing these efforts more advancements can be made within this growing industry.