El Salvador to open bitcoin embassy in Texas

The parties will continue to expand trade and economic cooperation in 2023

15.02.2023 - 08:50

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2 min

What’s new? El Salvador’s Ambassador to the United States, Milena Mayorga, released the results of talks with the Deputy Secretary of the Government of Texas, Joe Esparza. The parties discussed opening a second bitcoin embassy in the state and further expanding trade and economic cooperation. In this, the government of El Salvador created the National Bitcoin Office (ONBTC) in November 2022 to manage all cryptocurrency-related projects.

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. 🇺🇸🤝🇸🇻 pic.twitter.com/NcmOjeadl6 — Milena Mayorga (@MilenaMayorga) February 14, 2023

What else is known? In 2022, the trade turnover between El Salvador and the state of Texas exceeded $1,24 billion. Meanwhile, last year the media reported on the possible bankruptcy of Texas miners due to skyrocketing electricity prices, falling bitcoin values, and increased competition.

In addition, the president of El Salvador Nayib Bukele accused the world media of lying about the country’s bankruptcy. Earlier publications wrote that El Salvador would default on debts because of the “bitcoin bet” by January 2023, but after the country repaid the debt and the prediction did not come true, they did not highlight this fact.

El Salvador and bitcoin. El Salvador recognized BTC as a legal tender in September 2021, after which authorities repeatedly invested in the asset. In January, Bloomberg reported that the country’s losses from bitcoin investments totaled $12 million. A year later, 77% of citizens opposed the policy, while the IMF refused to lend to El Salvador because of the legalization of BTC. Since November 18, 2022, El Salvador began to buy1 bitcoin every day.

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