Crypto to the World: El Salvador to Establish Bitcoin Embassy in U.S.

Crypto to the World: El Salvador to Establish Bitcoin Embassy in U.S.

Time Stamp: February 16, 2023 7:01 AM
Source Node: 1961704

SNEAK PEEK:

  • El Salvador will launch a “Bitcoin Embassy” in the U.S. to promote crypto acceptance.
  • El Salvador approved the Digital Assets Issuance Law in January 2023.
  • El Salvador and Texas exchanged $1,244,636,983 last year.

In a recent report, El Salvador, the first country to embrace Bitcoin (BTC) as its legal tender, is seeking to establish a Bitcoin embassy in the United States in Texas. Milena Mayorga, the country’s U.S. ambassador, tweeted this on Wednesday.

Furthermore, Milena Mayorga stated that this is the second Embassy of Bitcoin and the extension of commercial and economic exchange ventures that El Salvador has taken after doing the same last year in the Swiss city of Lugano in October.

By engaging in activities of this nature, the Central American country is contributing to the ecosystem of cryptocurrencies. This makes it possible for positive news regarding cryptocurrencies to be disseminated and for Bitcoin to be accepted in more places worldwide.

The request by the Salvadoran envoy comes after El Salvador approved the Digital Assets Issuance Law in January of this year, as well as the International Monetary Fund (IMF) remark on the country’s economy. According to an IMF statement, El Salvador has avoided Bitcoin-related risk because the government has delayed adopting digital currency across the country.

According to information provided by Bitcoin Treasuries, El Salvador owns 2,381 Bitcoin at the moment. As a result, the nation now holds the third position on the list, behind only the United States and Ukraine.

El Salvador’s ambassador, Mayorga, expressed appreciation to Texas’s secretary of state, Joe Esparza, in a Twitter thread. The two countries traded $1,244,636,983 in goods and services in 2022, demonstrating a robust economic connection between El Salvador and Texas.

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