El Salvador to establish “Bitcoin Embassy” in Texas to promote adoption of digital assets – Crypto News – Crypto News
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El Slavador President Nayib Bukele. El Slavador President Nayib Bukele.

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El Salvador to establish “Bitcoin Embassy” in Texas to promote adoption of digital assets – Crypto News

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El Salvador, the first country in the world to make Bitcoin legal tender, plans to open a “Bitcoin embassy” in Texas, the country’s US ambassador, Milena Mayorga, tweeted on Wednesday, This follows a similar initiative in Switzerland last year to support the use of cryptocurrencies.

See related articles: Will El Salvador’s lead on Bitcoin inspire others to follow suit?

Fast facts

  • Mayorga described Texas as a “new ally” and said she had met with Deputy Secretary of the Government of Texas, Joe Esparza, to discuss opening the Bitcoin office and the expansion of commercial and exchange projects. Texas is host to major bitcoin mining operations,
  • El Salvador legalized Bitcoin for tender in September 2021 and now seems to be taking on the role of nation-state evangelist for the world’s biggest cryptocurrency, contrasting with regulatory crackdowns on crypto in other countries.
  • The Central American country established a “Bitcoin office” in Lugano, Switzerland in October 2022 to support “initiatives to drive the adoption of Bitcoin and other cryptocurrencies across their respective regions” and foster “the exchange of students and talents between El Salvador and Lugano, the said countries at the time.
  • El Salvador, a country of just over 6 million people, currently holds 2,381 Bitcoin, the third most of any country after the US and Ukraine, according to bitcoin treasuries,
  • El Salvadoran President Nayib Bukele has faced criticism for the bitcoin plan from the International Monetary Fund and other financial authorities. Bitcoin fell 15% just hours after the legislation making it legal tender came into effect, and has since dropped almost 50%.
  • The Central African Republic became the second country to legalize Bitcoin as tender in April 2022.

See related articles: El Salvador’s Bitcoin adoption, one week on

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