• El Salvador and Texas have announced a new partnership in order to open a “Bitcoin Embassy” as a way to promote the use and adoption of Bitcoin.
• El Salvador made headlines when they announced their plans to make BTC legal tender in late 2021. The World Bank voiced concerns about its volatility and warned that El Salvador was making a mistake.
• This new partnership makes sense given that both regions had over $1.2 trillion worth of commercial transactions last year, and will likely strengthen their bond through mutual appreciation for bitcoin and cryptocurrency.
El Salvador & Texas Form Partnership
The bitcoin-loving nation of El Salvador has announced a new partnership with the state of Texas. Together, the two regions are planning to open what they’re calling a „bitcoin embassy“ as a means of promoting use and increasing adoption. Milena Mayorga – El Salvador’s ambassador to the U.S. – put out a tweet in mid-February saying the following: The state of Texas, our new ally.
El Salvador Makes BTC Legal Tender
El Salvador shocked the world in late 2021 when it announced plans to make BTC legal tender. It was the first country to do so, which 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. The World Bank opposed this decision stating that it was too volatile to be taken seriously and warned that El Salvador was making a big mistake – which many residents seemed to agree with as they took part in riots against this decision even after implementation began.
Texas & El Salvado Have Strong Bond
This newfound partnership with Texas makes sense giving both regions took part in more than $1.2 trillion worth of commercial transactions last year showing an evident strong bond between them – which is likely only going to strengthen through mutual love for bitcoin and cryptocurrency between them now with this agreement being made official between them both moving forward..
Aims Of Bitcoin Embassy
The aim of this „bitcoin embassy“ is clear; To increase awareness about Bitcoin by providing resources such as education, training materials, information sharing tools etc., while also providing support services such as guided help desk support for users who may require assistance navigating trading platforms or understanding technical concepts related to cryptocurrencies like Bitcoin or Ethereum etc.. Additionally this embassy will also provide opportunities for small businesses looking at accepting payments via cryptocurrencies such as Bitcoin instead of traditional payment methods like debit/credit cards etc., thus furthering adoption rates among entrepreneurs who may be looking at getting into crypto but don’t know where or how exactly start off doing so..
Conclusion
This move by both nations is sure to have several positive repercussions for not just themselves but also those interested in using cryptocurrencies worldwide due its potential implications on global acceptance rates should it be successful enough here initially on American soil before any other countries decide follow suit later down line eventually leading towards mass adoption across various parts around globe eventually resulting in widespread usage similar physical currencies like USD today without need convert from one digital asset another whenever transacting foreign party whether land based entity individual person alike…
