Bitcoin Embassy to be Opened in the United States

A bitcoin embassy could be opened in the United States as El Salvador confirms discussion with officials of the United States. The Bitcoin Embassy will be opened in Texas, sources confirmed. 

According to El Salvador’s Ambassador to the U.S. Milena Mayorga, the Bitcoin Embassy in the United State will help boost the adoption of cryptocurrency. 

Investors King could recall that El Salvador became the first country to adopt bitcoin (BTC) as legal tender in 2021 and has recently approved a law that will facilitate the issuance of a bitcoin-backed bond.

This latest move is coming a few months after ElSavado signed a pack to open a Bitcoin Embassy in Switzerland with the aim of encouraging the adoption of bitcoin across Europe.

According to a tweet from El Salvador’s Ambassador to the United States, Milena Mayorga, a meeting took place between her, other representatives of El Salvador, and the Deputy Secretary of the Government of Texas, Joe Esparza.

“We discussed the opening of the second Bitcoin embassy and the expansion of commercial and economic exchange projects,” the tweet read in English. 

Interestingly, a significant number of Texas government officials are pro-Bitcoin. 

Already, there is a new bill before the Texas legislature which calls for “a master plan for the expansion of the blockchain industry,” that could turn the state into the cryptocurrency capital of the country by introducing tax-free shopping with bitcoin, among other proposals.

The bill recommends developing a workforce program that would prepare students to provide value to the growing bitcoin mining ecosystem by learning technical skills of networking, hardware, software, electrical components, and heating and cooling requirements.

Similarly,  the recommendations also include a tax abatement on natural gas previously flared that would be used to mine bitcoin and a tax incentive on electricity sales for large flexible loads, such as bitcoin miners.

If passed and signed into law, Texas could establish itself as a leading stakeholder in the corporate cryptocurrency environment while benefiting from the early adoption.