El Salvador Set to Open Bitcoin Embassy in Texas: Details Here

Texas, the second-largest state in the US, has been taking pro-active measures to cultivate a crypto-friendly ecosystem.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 16 February 2023 14:10 IST

El Salvador Set to Open Bitcoin Embassy in Texas: Details Here

Photo Credit: Twitter/ @MilenaMayorga

Before Texas, Bukele inaugurated the first Bitcoin Embassy in Switzerland

Highlights

Texas is US’ second-largest state
Texas has become a crypto hub in recent times
El Salvador is the first nation to legitimise BTC as a legal tender

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.

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“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.

El estado de Texas, nuestro nuevo aliado.

En mi encuentro con el Secretario Adjunto del Gobierno de Texas, Joe Esparza @TXsecofstate, abordamos la apertura de la segunda Embajada #Bitcoin y de ampliar los proyectos de intercambios comerciales y económicos. :us::handshake::flag-sv: pic.twitter.com/NcmOjeadl6
— Milena Mayorga (@MilenaMayorga) February 14, 2023

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.

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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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Further reading: Cryptocurrency, El Salvador, Bitcoin Embassy, Texas

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More