<p>El Salvador, the Central American country
that emerged as the first nation to officially <a href=”https://www.financemagnates.com/cryptocurrency/as-crypto-corrects-whats-next-for-el-salvadors-bitcoin-gamble/” target=”_blank” rel=”follow”>adopt Bitcoin as a legal
tender</a> in September 2021 has announced plans to open a ‘<a href=”https://www.financemagnates.com/terms/b/bitcoin/” class=”terms__main-term” id=”261088a9-0f41-4202-a73c-31f75ba6bd93″ target=”_blank”>Bitcoin</a>
Embassy’ in the United States. The country wants to open the office in Texas,
one of the United States’ <a href=”https://www.financemagnates.com/cryptocurrency/regulation/texas-senate-passes-crypto-bill-goes-to-the-governor-to-be-signed-into-law/” target=”_blank” rel=”follow”>most crypto-friendly states</a>.</p><p>Milena Mayorga, El Salvador’s Ambassador
to the United States, announced the development on Tuesday on Twitter, noting that the country discussed “expanding commercial and economic projects”
in its meeting with Joe Esparzam, the Assistant Secretary of the Government of
Texas.</p><blockquote class=”twitter-tweet”><p lang=”es” dir=”ltr”>El estado de Texas, nuestro nuevo aliado. En mi encuentro con el Secretario Adjunto del Gobierno de Texas, Joe Esparza <a href=”https://twitter.com/TXsecofstate?ref_src=twsrc%5Etfw”>@TXsecofstate</a>, abordamos la apertura de la segunda Embajada <a href=”https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw”>#Bitcoin</a> y de ampliar los proyectos de intercambios comerciales y económicos. 🇺🇸🤝🇸🇻 <a href=”https://t.co/NcmOjeadl6″>pic.twitter.com/NcmOjeadl6</a></p>— Milena Mayorga (@MilenaMayorga) <a href=”https://twitter.com/MilenaMayorga/status/1625583540321542161?ref_src=twsrc%5Etfw”>February 14, 2023</a></blockquote><p>El Salvador disclosed the new plan over
three months after it signed a memorandum of understanding on economic
cooperation with Lugano, a city in Switzerland. Through the agreement, El
Salvador and Lugano are seeking to enhance their cooperation in education and
research as well as promote the adoption of Bitcoin and other digital assets. Meanwhile, Lugano in 2022 <a href=”https://www.financemagnates.com/cryptocurrency/lugano-and-el-salvador-lead-bitcoin-adoption-others-to-follow/” target=”_blank” rel=”follow”>accepted Bitcoin as legal
tender</a> in the region and encouraged local businesses
to accept crypto payments in everyday transactions.</p><p>Crypto Friendly States in US</p><p>In May 2021, Texas <a href=”https://www.financemagnates.com/cryptocurrency/regulation/texas-senate-passes-crypto-bill-goes-to-the-governor-to-be-signed-into-law/” target=”_blank” rel=”follow”>passed a crypto bill</a> that sought to establish a legal framework for Bitcoin investments in the
state. The bill was later signed into law by the State Governor Greg Abbott.</p><blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>Blockchain is a booming industry that Texas needs to be involved in.I just signed a law for Texas to create a master plan for expanding the blockchain industry in Texas.<a href=”https://twitter.com/hashtag/Blockchain?src=hash&ref_src=twsrc%5Etfw”>#Blockchain</a> <a href=”https://twitter.com/hashtag/Bitcoin?src=hash&ref_src=twsrc%5Etfw”>#Bitcoin</a><a href=”https://twitter.com/hashtag/cryptocurrency?src=hash&ref_src=twsrc%5Etfw”>#cryptocurrency</a> <a href=”https://t.co/bMKXxxYooe”>pic.twitter.com/bMKXxxYooe</a></p>— Greg Abbott (@GregAbbott_TX) <a href=”https://twitter.com/GregAbbott_TX/status/1400971477051133956?ref_src=twsrc%5Etfw”>June 5, 2021</a></blockquote><p>Other crypto-friendly states in the US
include Colorado, Ohio, Wyoming and California. Some of these states have
passed one form of crypto <a href=”https://www.financemagnates.com/terms/r/regulation/” class=”terms__secondary-term” id=”341d154e-1396-4d12-a357-4837e79c4146″ target=”_blank”>regulation</a> or another in the past years.</p><p>El Salvador Continues with Bitcoin Dream</p><p>While El Salvador matches on with its dream of integrating Bitcoin into its national life, not all stakeholders have embraced the path the
country is towing. In November 2021, Andrew Bailey, the Governor of the Bank of
England, <a href=”https://www.financemagnates.com/cryptocurrency/news/boe-governor-raises-concerns-over-el-salvadors-bitcoin-move/” target=”_blank” rel=”follow”>expressed concerns about</a> the country’s use of Bitcoin as legal tender, citing the volatile nature of
the digital currency. </p><p>At the start of that year, the
International Monetary Fund <a href=”https://www.financemagnates.com/cryptocurrency/imf-urges-el-salvador-to-abandon-using-bitcoin-as-legal-tender/” target=”_blank” rel=”follow”>also raised concerns</a> about
the Central American country’s Bitcoin adoption, noting that the foremost
digital currency as legal tender poses risks.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
