Texas has become El Salvador's new ally in its Bitcoin adoption strategy to stimulate its economy, commented the country's ambassador to the United States, Milena Mayorga.
After a meeting with the assistant secretary of the government of Texas, Joe Esparza, the ambassador of El Salvador to the United States, Milena Mayorga, announced that the American state has become your new ally to promote economic and commercial development through the adoption of Bitcoin, the most capitalized cryptocurrency in the world.
According to Mayorga, El Salvador will open a new Bitcoin embassy in the state of Texas, a product of the agreement reached between both regions.
The agreement concluded between El Salvador and the state of Texas will allow for expanding diplomatic relations and increasing the commercial and economic exchange projects that exist between both, Mayorga commented. Trade exchange between both regions exceeded $1.200 billion dollars in 2022, according to data provided by Esparza.
Regarding the opening of a new Bitcoin embassy in the state of Texas, Mayorga did not give further details. However, the ambassador clarified that the issue was addressed along with other projects focused on strengthening commercial ties with the state.
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El Salvador expands its Bitcoin strategy
The installation of this new Bitcoin embassy follows the one announced by El Salvador in the city of Lugano, Switzerland, last year.
At that time, Michele Foletti, mayor of Lugano, unveiled the so-called “Plan ₿”, which included both the adoption of Bitcoin and Tether as legal tender in the city, as well as the establishment of the first Bitcoin embassy of El Salvador in Lugano.
Through these embassies, El Salvador seeks to create and explore new opportunities for growth and development, both commercial and technological, taking advantage of all the potential and innovation offered by cryptocurrency and blockchain technology.
On the other hand, as this media reported, El Salvador also has its own National Bitcoin Office, a space designed to create, plan, program, track and coordinate all plans and projects related to cryptocurrency.
Likewise, this national Bitcoin office has as its main objective the bitcoinization, in order to stimulate the growth, development and expansion of cryptocurrency and its use cases and applications in the country.
In the middle of last month, El Salvador approved the law on the issuance of digital assets that authorizes the issuance of the Bitcoin Bond or Volcano Bond of $1.000 billion dollars, to finance the construction of Bitcoin City and reinforce its investment strategy and reserves in BTC, among other things.
Continue reading: Tim Draper: “Bitcoin will make El Salvador the richest country in the world”
