According to reports, El Salvador will unveil a “Bitcoin Embassy” in the United States. This move would further expand the reach of Bitcoin, the largest cryptocurrency in the world, across multiple nations.
El Salvador Partners With Texas To Promote Bitcoin
In a new partnership with Texas state in the US, El Salvador, a nation that made Bitcoin a legal tender about two years ago, is expanding its Bitcoin vision. It will establish a Bitcoin embassy. The embassy will serve as a representative office for the Bitcoin-supporting country.
The El Salvador ambassador to the US, Milena Mayorga, announced in a tweet earlier this week. Additionally, this embassy will help both entities collaborate on joint initiatives that promote the adoption of Bitcoin.
“During my meeting with Joe Esparza, Texas government’s Assistant Secretary, we discussed the possibility of opening a second BTC Embassy and expanding our economic and commercial exchange projects,” Mayorga said.
Meanwhile, this latest Bitcoin initiative by El Salvador comes a few months after the nation opened its first Bitcoin Embassy in Lugano, a southern Swiss city. Moreover, these two pro-crypto nations have begun working towards establishing a physical governmental presence.
The primary objective behind this initiative is to promote cooperation in research and educational institutions about Bitcoin. Samson Mow, the former chief strategy officer of Blockstream, said the concept of a Bitcoin embassy is the subsequent phase of cities and nation-states to adopt Bitcoin.
He added that such initiatives indicate the potential for collaboration between nations to develop new ideas, such as forming alliances between regions that have embraced Bitcoin. El Salvador’s new Bitcoin Embassy follows a recent warning from the International Monetary Fund (IMF).
On February 10th, the IMF cautioned El Salvador to be careful in extending its government’s involvement in Bitcoin because of the speculative state of the crypto market.
IMF Warns El Salvador About Bitcoin Usage
The IMF pointed out that El Salvador has not yet encountered the potential risks associated with Bitcoin due to the limited use of the cryptocurrency. However, the organization recommended that El Salvador address the potential risks related to Bitcoin, including its impact on the country’s fiscal sustainability, financial stability, integrity, and consumer protection.
Meanwhile, the recent announcement has surfaced amid reports of Texas lawmakers contemplating a new bill. This bill contains a “master plan” expansion for the blockchain industry. Furthermore, the objective of the legal initiative is to transform Texas into the nation’s crypto capital by proposing measures such as tax-free Bitcoin shopping and other crypto-friendly initiatives.
According to previous reports, Texas has become one of the pro-crypto states in the US. The state has passed laws that promote the use of cryptocurrencies.
These laws are intended to help commercial rules better align with the advancements in blockchain technology and regulations related to digital assets. Some of the biggest Bitcoin miners in North America, including companies like Core Scientific, Riot Blockchain, and Genesis Digital Assets, are based in Texas.
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