El Salvador could soon be inaugurating a Bitcoin Embassy in the Texas state of the US, that would operate as an access point for all crypto-related initiatives that could potentially be launched into experimentation. Milena Mayorga, the Salvadoran ambassador to the US recently met with Jose Esparza, the Deputy Secretary of State, Texas to discuss the plan. Both, El Salvador and Texas share a positive outlook towards the crypto industry and the authorities from both regions are looking to join forces to drive crypto adoption.
Texas, the second-largest state in the US, has been taking pro-active measures to cultivate a crypto-friendly ecosystem. Due to its cheap electricity costs and favourable climate conditions, Texas has become a hotspot for crypto mining operations in recent times.
The state offers a 10-year tax abatement, sales tax credits, and state-sponsored workforce training to crypto miners, attracting more of them, a report by Data Center Dynamics had said last year.
“In 2022, El Salvador and the State of Texas had a commercial exchange of $1,244,636,983 (roughly Rs. 10,288 crore). We discussed the opening of the second Bitcoin embassy and the expansion of commercial and economic exchange projects,” a CryptoPotato report quoted Mayorga as saying.
An official tweet from Mayorga also confirmed the development.
Nayib Bukele, the President of El Salvador bets big on Bitcoin as an instrument of financial freedom and inclusivity.
Since cryptocurrencies are not controlled by any central bank or intermediary, transactions facilitated via these digital assets are quick, free, and comes with an element of anonymity.
Before Texas, Bukele inaugurated the first Bitcoin Embassy outside of El Salvador in Switzerland’s Lugano in October last year. An Honorary Consul was established to work in the office and advocate the use of BTC across Europe.
As for now, elaborate details about the upcoming Bitcoin Embassy in Texas including its launch timeline and its staffing plans remain awaited.
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