El Salvador Wants To Open ‘Bitcoin Embassy’ in Texas

[Hydrogen]

Recently, Milena Mayorga, Ambassador of El Salvador to the United States, wrote about her meeting with Jose A. “Joe” Esparza, the Deputy Secretary of the Government of Texas, regarding the potential opening of a “Bitcoin Embassy” in Texas.

As you may know, on 5 June 2021, Zap Solutions (a Bitcoin payments startup that uses the Lightning Network) Founder and CEO Jack Mallers announced at Miami’s Bitcoin 2021 conference that El Salvador’s government wanted to pass legislation to make Bitcoin legal tender (alongside the U.S. dollar).

During his talk, an emotional Mallers presented a recorded video message from President Bukele and read out a small passage from the proposed bill. Mallers went on to say that his firm would be opening an innovation center in El Salvador with the help of Blockstream.

On 9 June 2021, this proposed bill got passed by the Legislative Assembly (with 62 out of 84 voting in favor of it).

Then, on 25 June 2021, Reuters published a report that said El Salvador President Nayib Bukele had announced during a national address on 24 June 2021 that “Bitcoin Law” would become effective on 7 September 2021.

Mayorga was named — by President Nayib Bukele — Ambassador of El Salvador to the U.S. on 23 September 2020, and she began her function as ambassador on 1 December 2020. Before becoming an ambassador, she served as a Member of the Legislative Assembly of El Salvador from 2018 to 2020.

On 28 October 2022, Mayorga spoke about her country’s experiment with the Bitcoin Standard at the Plan B Forum in Lugano, Switzerland. CoinDesk reported on this day that “the country of El Salvador and the Swiss city of Lugano have signed a memorandum of understanding (MOU) aimed at boosting bitcoin adoption in their own regions as well as neighboring states and countries.” The report mentioned that Ambassador Mayorga “also announced her country’s opening of a ‘bitcoin office’ in Lugano staffed with a new Honorary Consul to proselytize for bitcoin in the city, Italy and Europe.”

Well, last Tuesday (14 February 2023), Mayorga said that during her meeting with the Deputy Secretary of the Government of Texas, they discussed the opening of the second “Bitcoin Embassy” and the expansion of commercial and economic exchange projects,

https://www.cryptoglobe.com/latest/2023/02/el-salvador-which-made-btc-legal-tender-wants-to-open-bitcoin-embassy-in-texas/

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El salvador is branching out, apparently.

On 28 October 2022, Mayorga spoke about her country’s experiment with the Bitcoin Standard at the Plan B Forum in Lugano, Switzerland. CoinDesk reported on this day that “the country of El Salvador and the Swiss city of Lugano have signed a memorandum of understanding (MOU) aimed at boosting bitcoin adoption in their own regions as well as neighboring states and countries.” The report mentioned that Ambassador Mayorga “also announced her country’s opening of a ‘bitcoin office’ in Lugano staffed with a new Honorary Consul to proselytize for bitcoin in the city, Italy and Europe.”

Well, last Tuesday (14 February 2023), Mayorga said that during her meeting with the Deputy Secretary of the Government of Texas, they discussed the opening of the second “Bitcoin Embassy” and the expansion of commercial and economic exchange projects,

According to this el salvador has a bitcoin embassy in Lugano, switzerland with plans to open a 2nd bitcoin embassy in texas.

Well, last Tuesday (14 February 2023), Mayorga said that during her meeting with the Deputy Secretary of the Government of Texas, they discussed the opening of the second “Bitcoin Embassy” and the expansion of commercial and economic exchange projects

I wonder what blueprint for the future they may have come up with. El salvador's initial plan of using cheap geothermal energy to mine crypto was a decent plan. Is it possible that they have a solid blueprint for encouraging the expansion and mass adoption of crypto on a global scale?

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[franky1]

I wonder what blueprint for the future they may have come up with. El salvador's initial plan of using cheap geothermal energy to mine crypto was a decent plan. Is it possible that they have a solid blueprint for encouraging the expansion and mass adoption of crypto on a global scale?

the idea of the geo thermal electric generation is not to just generate just enough electric for the 6mill pop(~2m households)

but to have generators for 4x that demand. thus being future proof for a few decades of population growth.

this allow the 3x capacity unused excess in the initial years for bitcoin mining. thus funding the generators at a 100% utility meaning residents are only paying a quarter of that cost thus cheap electric for residents

as for the embassy stuff
well thats simply establishing a base in texas people can go to, to switch their nationality to being el-salvadorian so that they can then move out of america and move into el-salvador.. because thats the main role of an embassy. to deal with nationality issues

[Hispo]

So Texas.
I wonder why Texas, I makes me think that the government of El Salvador has realized that the Republican representatives and people from relatively red States are more open-minded to the idea of Bitcoin. I could be also because the history of electrical generation that Texas has in the United States.

Anyways, good to know El Salvador is still promoting Bitcoin around the world.

[Die_empty]

The first embassy was in the city of Lugano in Switzerland and the purpose is just amazing; to promote bitcoin awareness, acceptance, innovation, and research. The same selfless purpose is driving El Salvador to the bitcoin-friendly State of Texas. President Nayib Armando Bukele Ortez is such an angel to the big coin community. El Salvador is investing so many resources to promote bitcoin and I just hope they will reap from all their investments. I am sure Bukele will keep opening more embassies in other countries in the nearest future. Some African countries like Nigeria is a good place to open an embassy if the government becomes bitcoin-friendly in the future.

[masyari]

I think that every person in Texas that want to know anything about crypto is already know it

[Ucy]

With all due respect Bitcoin don't really need that...
It's a Global Network which exists in most/all countries rather than one. And it's not owned or control by one country/people. We don't need government approval to use and be part of it.   Besides, its participants are not foreigners in their own countries hence the little to zero need for any embassy or consul. You could however have Bitcoin independent govt/communities operating in the countries

[Flexystar]

I wonder what blueprint for the future they may have come up with. El salvador's initial plan of using cheap geothermal energy to mine crypto was a decent plan. Is it possible that they have a solid blueprint for encouraging the expansion and mass adoption of crypto on a global scale?

This one definitely feels like to open the doors to business on a multi national level. I mean with the El Salvador's embassy's having their presence everywhere in the world will have only one agenda and that is to call for businesses to invest in their country via Bitcoin as borderless route for them. Imagine El Salvador is having embassy in our country where bitcoin isn't much accepted or having no legal tender for the same. However, there are hundreds of businesses who are willing to do the business in Bitcoin payments. They could literally go to embassy and apply for the foreign support and have bitcoin payments as medium for them.

It could keep up their demand of bitcoin supply via El Salvador irrespective of the fiat they are using and thus could bring more connectedness with the El Salvador's Bitcoin HUB back in the country.

With all due respect Bitcoin don't really need that...
It's a Global Network which exists in most/all countries rather than one. And it's not owned or control by one country/people. We don't need government approval to use and be part of it.   Besides, its participants are not foreigners in their own countries hence the little to zero need for any embassy or consul. You could however have Bitcoin independent govt/communities operating in the countries

Nobody is doing it for the bitcoin actually. It's El Salvador who is using bitcoin to attract different businesses and increase their income sources. I think El Salvadors plan is bigger than what we could imagine in the long run.

[lizarder]

It is possible that it will happen sooner than the estimate they are targeting and cheap earth energy is El Salvador's clever idea in providing space for mass adoption of crypto on a small scale as well as globally, expansion is expected to be even wider and the idea of a geothermal energy blueprint is expected to also lead to faster adoption in the future.

The meeting between the two parties is a step to discuss opportunities for cultural and commercial exchange, so that good communication is established from both parties and as is the function and duties of the embassy which handles citizenship issues, for the future I think there will be a massive migration of people to El Salvador after the deal goes ahead.

[Lamkuthang]

It seems that this story has more pros than cons. There are many positives including the potential for El Salvador to grow the Bitcoin community in a country that increasingly sees Bitcoin as a lucrative investment opportunity and the only negative point is that Texas is not known to have any affiliation with Bitcoin. But, all in all, if this story gets as much momentum behind it as reported, it could be pretty amazing for the future of Bitcoin in El Salvador. I just hope other countries take notice and realize that there are many benefits associated with cryptocurrencies for their countries as well.

[BIT-BENDER]

El-Salvador, seem to be a growing country but they have made it their point of interest to be part of the Crypto-currency community.

Although I don’t know how the economy of El-Salvador is I but I can consider them as a developing country so can it be said that the have a poor minded government who has only made progress in terms of Crypto-currency.