THE salvador plans to open abitcoin embassy” to UNITED STATES, according to reports this week. The country continues to press for an adoption broader cryptocurrency even after potentially losing millions of dollars on his high-profile Bitcoin bets. THE salvador has already crossed its borders to push adoption of bitcoin like in October where Ms Mayorga said she was planning to open a bitcoin office in Luganoin Switzerland, for countries to work together on initiatives “aimed at driving the adoption of Bitcoin and other cryptocurrencies” in their respective regions. Follow the report.
Salvador: opening of a Bitcoin embassy in the United States
“During my meeting with the Assistant Secretary to the Government of Texas, Joe Esparza, we discussed the opening of the second embassy of bitcoin and expansion of trade and economic exchange projects”, declared the ambassador of the United States to the salvador, Milena Mayorga. THE country became in 2021 the first in the world to make bitcoin a national legal currency. Ms. Mayorga noted that her country and Texas recorded more than $1.2 trillion in trade in 2022. She highlighted the figure when presenting her discussions with Joe Esparza, the Texas.
As of November 20, 2022, salvador had purchased 2,381 bitcoins. At the current price, around $25,000, the country’s holding was worth close to $60 million. In November, a calculation of Bloomberg estimated that the government had invested approximately $105 million in BTCbasing his analysis on tweets from the President of the salvadorNayib Bukele. The value of bitcoin has fallen since summit of $69,000 reached in November 2021, but has recovered from the lows reached during the winter cryptographic which has driven most cryptocurrency prices down.
A logical continuation for El Salvador
This initiative comes a few months after the salvador opened the first embassy Bitcoin in Swiss. Set up in October 2022, it is located in the city of Lugano in the south of the country. In this operation, the two pro-crypto jurisdictions began to establish a physical government presence. Its purpose will be to promote cooperation in educational and research institutions related to Bitcoin and crypto currencies. According to the former strategic director of BlockstreamSamson Mow, the phenomenon “bitcoin embassy” is the next step towards the adoption of BTC by nation states and cities. For him, such initiatives involve cooperation between countries in order to develop alliances between places that have already adopted the latter.
This news comes at a time when Texas is considering a new project of law for the blockchain and digital assets. According to the legislators, this law would serve as a blueprint for the expansion of industry blockchain. The legal initiative aims to make Texas the nation’s crypto capital by introducing tax-free shopping with Bitcoin and other proposals. THE Texas stands out as one of the most favorable American states to the Bitcoin and already has laws on a majority of crypto assets. The latter aim to better adapt certain commercial laws to blockchain innovation and regulation of digital assets. As a reminder, the Texas is also home to the largest corporations in mining from North America, such as Riot Blockchain, Core Scientific or Genesis Digital Assets.
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