Central American country El Salvador wants to set up a Bitcoin embassy in Texas similar to the one in Switzerland last year.
According to information provided by El Salvador Ambassador to the US Milena Mayorga after a meeting with Texas Deputy Secretary of State Joe Esparza, the Central American country may open a “Bitcoin Embassy” in Texas.
El estado de Texas, nuestro nuevo aliado.
En mi encuentro con el Secretario Adjunto del Gobierno de Texas, Joe Esparza @TXsecofstateabordamos la apertura de la segunda embajada #Bitcoin y de ampliar los proyectos de intercambios comerciales y economicos. 🇺🇸🤝🇸🇻 pic.twitter.com/NcmOjeadl6
— Milena Mayorga (@MilenaMayorga) February 14, 2023
Accordingly, the established embassy will support the expansion of economic and commercial exchange projects and especially promote the widespread adoption of Bitcoin.
But it is not by chance that El Salvador chose the second largest state in the United States as the location for its embassy. Texas is known as the global “crypto capital” and is known for being one of the most crypto-friendly states.
Since China issued a comprehensive ban, many investors and veteran miners there have moved abroad and Texas is their number 1 priority. Cheap electricity prices and favorable climatic conditions are the factors that attract more miners.
Texas Governor Greg Abbott is a crypto advocate and is confident that he will make Texas a leader in implementing issues related to this asset class.
Earlier in October 2022, El Salvador opened a similar facility in Lugano (Switzerland) with the aim of encouraging Bitcoin adoption across Europe.
As Kyptos reported, El Salvador is the first country to accept Bitcoin (BTC) as legal currency in 2021 and recently passed a crypto asset issuance act, paving the way for Bitcoin bonds, to turn “Bitcoin city” dream come true.
Nayib Bukele – President of El Salvador will run for re-election and TRON founder Justin Sun has announced that he will accumulate 1 BTC per day from November 2022.