• El Salvador and Texas have announced a partnership to open a “bitcoin embassy” in order to promote the use of bitcoin.
• El Salvador shocked the world when it announced plans to make BTC legal tender in late 2021.
• The partnership makes sense due to the fact that both nations took part in $1.2 trillion worth of commercial transactions last year.
El Salvador Makes Bitcoin Legal Tender
El Salvador shocked the world in late 2021 when it announced plans to make BTC legal tender, becoming the first country to do so. This meant people could go into any shop or business and purchase goods and services with bitcoin they way they would with USD, the fiat currency that El Salvador had long been dependent on. Despite skepticism from entities such as the World Bank, who voiced their opinion that El Salvador was making a big mistake, those in charge refused to turn their backs on bitcoin and listen to the haters. The nation has had BTC in place as a payment tool for close two years now and its newfound partnership with Texas will likely only boost its bitcoin agenda further.
Texas Forms Partnership With El Salvador
The enterprise announced that it would not provide any aid with El Salvador’s bitcoin agenda, citing the digital currency as too volatile to be taken seriously. Milena Mayorga – El Salvador’s ambassador to the U.S.– put out a tweet announcing a new alliance between Texas and El Salvador: „The state of Texas, our new ally.“ The partnership makes sense given both Texas and El Salvador took part in more than $1.2 trillion worth of commercial transactions last year, further strengthening their bond that cannot be broken and will likely only be enhanced through a mutual love of bitcoin and crypto.
Bitcoin Embassy Planned For Promotion And Adoption
In order to promote use and increase adoption of bitcoin, both regions are planning to open what they’re calling a „bitcoin embassy“. This is not the first time El Salva has taken initiative in regards to cryptocurrency; back in 2019, Bukele established an investment fund specifically for mining activities within his country’s borders — something that could potentially bring additional income sources into play if done correctly (and legally). Making BTC legal tender was another huge move by this Central American country which hopes these efforts will lead it away from dependence on US dollars over time — something many other nations may look into doing should this experiment prove successful enough long-term wise..
Reactions To Move Mixed
Upon bitcoin’s implementation as a digital form of payment, many residents of El Salvador took to the streets of their nation’s capital city San Miguel protesting against President Bukele’s decision claiming they were fine using USD instead of BTC which some felt was tied up with criminality or illicit transactions .Nevertheless those backing Bukele seem confident about using BTC as an alternative form of currency ,despite certain hiccups along there way .
Summary
In summary ,the nation state alliance between Texas & El-Salvador is set up an embassy dedicated towards promoting & increasing adoption rate for Bitcoin .It’s clear that these two regions share strong economic ties & are looking for ways innovation & technology can help develop their economies .Despite some backlash from protesters & scepticism from outside entities like The World Bank ,Bukeles government remains committed towards implementing Bitcoin as part of its economy