El Salvador plans to open a Bitcoin Embassy in the state of Texas.
After legalising Bitcoin and cryptocurrencies back in 2021, El Salvador is out to bring crypto adoption to the world.
El Salvador may have chosen Texas for its Bitcoin Embassy location due to the state’s abundance of Bitcoin miners.
El Salvador plans to open a Bitcoin Embassy in the U.S.
During a meeting with Texas Deputy Secretary of State Joe Esparza on February 15, El Salvador's Ambassador to the United States, Milena Mayorga, tweeted about plans for a Bitcoin embassy.
Here’s a translation of Mayorga’s Tweet:
The state of Texas, our new ally. In my meeting with the Deputy Secretary of the Government of Texas, Joe Esparza @TXsecofstate, we discussed the opening of the second #Bitcoin Embassy and the expansion of commercial and economic exchange projects.
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El Salvador set up a special Bitcoin office in Switzerland in 2022 to help Bitcoin and cryptocurrency adoption in the country and in Europe.
Despite El Salvador’s mission to boost crypto adoption, U.S. regulators are working to crack down on unregistered securities, crypto staking services and stablecoins.
After the FTX-Alameda scandal and Terra Luna collapse, lawmakers are eager to impose regulations on certain aspects of the crypto industry that may cause harm not only to retail investors but also to U.S. financial markets.
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