Connect with us


El Salvador to establish ‘Bitcoin Embassy’ in Texas



El Salvador to establish “Bitcoin Embassy” in Texas
Source: Unsplash

  • El Salvador to open a “Bitcoin embassy” in Texas.
  • This comes after a similar venture last year in Switzerland to encourage the use of cryptocurrencies.

El Salvador is planning to open a “Bitcoin [BTC] embassy” in Texas, El Salvador’s ambassador to the United States, Milena Mayorga, tweeted on 14 February. This news came after a similar venture in Switzerland to encourage the use of cryptocurrencies in 2022.

In September 2021, El Salvador legalized Bitcoin as legal tender and became a global force for the world’s largest cryptocurrency, in contrast to regulatory crackdowns on cryptocurrency in other countries.

Mayorga referred to Texas as a “new ally,” and she stated that she had met with Deputy Secretary of the Government of Texas, Joe Esparza, to discuss opening a Bitcoin embassy and expanding commercial and exchange projects. Other than educating the public on the world’s largest, it is unclear as of now what the embassy will do.

In October 2022, El Salvador established a “Bitcoin office” in Lugano, Switzerland. The Swiss initiative is supposed to support initiatives to drive the adoption of Bitcoin and other cryptocurrencies across their respective regions, as well as to foster the exchange of students and talents between El Salvador and Lugano. The two also signed a Memorandum of Understanding (MoU) on economic cooperation.

Not everyone receptive to President Bukele’s Bitcoin plan

President Nayib Bukele has received backlash for the Bitcoin plan from the International Monetary Fund (IMF) and other financial authorities. Bitcoin fell 15% in the hours following passage legislation, making it legal tender, and has since dropped nearly 50%. Most Salvadorans do not use cryptocurrency for everyday purchases.

However, El Salvador’s development bank, BANDESAL, refused to provide information on the government’s Bitcoin purchases.

The Anti-Corruption Legal Advisory Center (ALAC) also criticized the move. The national watchdog tweeted:

“The confidentiality limits the possibility for citizens to access and receive information on the operations carried out with public funds by BANDESAL.”

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.