The first country in the world to use bitcoin as legal tender, El Salvador, continues expanding its BTC strategy with a new partnership with “new ally” Texas. The Latin American nation is set to open a “Bitcoin Embassy” in the United States, aimed at spreading bitcoin adoption across the continent.
El Salvador’s Bitcoin Embassy In Texas
El Salvador has joined hands with Texas to establish a bitcoin embassy in the American state. The office will be used to work on new joint projects to foster BTC adoption.
Salvadoran Ambassador to the United States Milena Mayorga said in the announcement: “In my meeting with the Deputy Secretary of the Government of Texas, Joe Esparza, we discussed the opening of the second Bitcoin Embassy and the expansion of commercial and economic exchange projects.”
El Salvador’s latest bitcoin project comes just months after the small Central American country opened a similar bitcoin establishment in the Swiss city of Lugano after signing a Memorandum of Understanding (MOU). As part of the intergovernmental collaboration, Lugano and El Salvador began working to set up a physical presence in a bid to promote alliances with educational and research institutions in relation to BTC.
El Salvador in 2021 made bitcoin legal tender — becoming the very first country in the world to do so. The law mandates businesses to accept the bellwether cryptocurrency for payment if those businesses have the technological means to do so. Salvadoran president Nayib Bukele has also purchased tens of millions of dollars worth of BTC — and bitcoin evangelists have flocked to the country for conferences and to bring widespread use of the cryptocurrency to the nation.
Somewhat similar to El Salvador, Lugano aims to become a crypto hub where citizens can pay for all goods, services, and taxes with bitcoin and stablecoins through an initiative called “Plan B” in partnership with stablecoin issuer Tether (in El Salvador, only bitcoin qualifies).
The news of a new bitcoin office coming to Texas comes as lawmakers in the city municipality mull a new proposal calling for “a master plan for the expansion of the blockchain industry”. The Texas legislature looks to turn the state into the crypto capital of the U.S.
