El Salvador may soon inaugurate a Bitcoin embassy in the US state of Texas, which would act as a gateway for any crypto-related initiatives that could potentially be brought into experimentation. Milena Mayorga, the Salvadoran ambassador to the US, recently met with Texas assistant secretary of state Jose Esparza to discuss the plan. Both El Salvador and Texas share a positive attitude towards the crypto industry, and authorities from both regions want to join forces to drive crypto adoption.
Texas, the second largest state in the US, has taken proactive measures to cultivate a crypto-friendly ecosystem. Due to its cheap electricity costs and favorable climatic conditions, Texas has become a hotspot for crypto mining surgeries lately.
The state is offering crypto miners a 10-year tax break, sales tax credits, and state-sponsored employee training to attract more of them a report from Data Center Dynamics had said last year.
“In 2022 ElSalvador and the state of Texas had a trade turnover of $1,244,636,983 (approximately Rs. 10,288 billion). We discussed the opening of the second Bitcoin embassy and the expansion of commercial and economic exchange projects,” according to a CryptoPotato report quoted Mayorga as I said.
An official tweet from Mayorga also confirmed the development.
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 projects de intercambios comerciales y económicos. :us::handshake::flag-sv: pic.twitter.com/NcmOjeadl6
— Milena Mayorga (@MilenaMayorga) February 14, 2023
Nayib BukeleEl Salvador’s President is banking heavily on Bitcoin as a tool for financial freedom and inclusivity.
Since cryptocurrencies are not controlled by any central bank or intermediary, transactions facilitated through these digital assets are fast, free and come with an element of anonymity.
Before Texas, Bukele opened the first bitcoin embassy outside of El Salvador in Lugano, Switzerland, in October last year. An honorary consul was set up to work in the office and advocate for the use of BTC across Europe.
Full details about the upcoming Texas Bitcoin embassy, including its launch schedule and staffing plans, remain to be seen for now.
