• El Salvador and Texas have announced a new partnership to open what they’re calling a “bitcoin embassy” to promote the use and adoption of Bitcoin.
• El Salvador shocked the world in 2021 when it made BTC legal tender, allowing people to purchase goods and services with it.
• The state of Texas and El Salvador conducted $1.2 trillion worth of commercial transactions last year, indicating a strong bond between the two entities.
El Salvador & Texas Partner To Create Bitcoin Embassy
El Salvador Makes BTC Legal Tender
In late 2021, El Salvador made headlines worldwide when it became the first country in history to make Bitcoin (BTC) legal tender. This meant that people would be able to pay for goods and services with cryptocurrency in the same way as they would with fiat currency (USD). Despite this groundbreaking move, some entities like The World Bank voiced their skepticism over the decision claiming that BTC was too volatile to be taken seriously as a form of payment. Additionally, many residents took to the streets of El Salvador’s capital city to protest against President Nayib Bukele’s decision.
Texas & El Salvador Conduct $1.2 Trillion Worth Of Transactions
Despite all this, those in charge refused to back down from their stance on Bitcoin and continued their journey towards increasing its adoption rate within their nation. It has now been close to two years since BTC became usable as an official form of payment there and despite some hiccups along the way, things appear stable so far. This newfound partnership between Texas and El Salva looks set only further boost its agenda by giving more attention and causing price hikes which will likely benefit them greatly moving forward. Milena Mayorga – El Salva’s ambassador tweeted out: „The state of Texas, our new ally.“
$1.2 Trillion Worth Of Transactions Last Year
It seems clear that this partnership makes sense given both regions conducted over $1.2 trillion worth of commerce last year alone according to reports – illustrating just how deep the bond runs between them both which is likely only going deeper through mutual love for Bitcoin/crypto currency in general from both sides involved here..
Bitcoin Embassy Opens In Summer 2023?
At present time no official date has been set for when exactly this bitcoin embassy will open but sources have suggested that it could happen during summer 2023 if everything goes according plan without any unexpected hurdles being thrown into play by either side involved here or anyone else outside looking in at this agreement..
Conclusion
This is yet another example of how countries are recognizing cryptocurrency as a legitimate asset class that can be used for financial transactions without having any fears about volatility or legitimacy issues surrounding it anymore than traditional forms such currency like USD does today already existent around planet earth presently.. With such high-profile partnerships forming between once unlikely allies like Mexico & USA recently also seen occurring lately too then there’s definitely something positive happening here whether we’re ready or not ready accept these changes yet still remains unclear at present times..
