El Salvador, the first nation to recognise Bitcoin as legal cash, is establishing a new Bitcoin Embassy in Texas to advance BTC.
Similar plans were made public by the nation last year for Lugano in Switzerland.
One of the more crypto-friendly states in the US is Texas.
El Salvador, the first country in Central America to formally recognise Bitcoin as legal cash in September 2021, has declared plans to establish a “Bitcoin Embassy” in the United States. The nation intends to establish the office in Texas, one of the states in the US that is most supportive of cryptocurrencies.
El Salvador addressed “growing commercial and economic projects” when it met with Joe Esparzam, the Assistant Secretary of the Government of Texas, according to Milena Mayorga, the country’s ambassador to the US, who tweeted about the news on Tuesday.
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Texas enacted a cryptocurrency law in May 2021 that aimed to create a regulatory framework for Bitcoin investments in the state. Greg Abbott, the state’s governor, later signed the legislation into law.
Colorado, Ohio, Wyoming, and California are some more US states that are welcoming to cryptocurrency. In the last few years, some of these states have passed one kind of cryptocurrency law or another.
El Salvador Keeps the Bitcoin Dream Alive
For running a “multi-billion dollar crypto asset securities scheme,” the SEC recently filed a lawsuit. For promoting and selling unregistered securities in the form of cryptocurrency lending packages, the agency even sued Gemini and the insolvent Genesis.
According to Gurbir Grewal, the Director of the SEC’s Division of Enforcement, “the federal securities rules are clear that any celebrity or other individual who promotes a crypto asset security must declare the kind, source, and amount of money they received in exchange for the promotion.” Investors have a right to know if a security’s promoter is objective, and Mr. Pierce failed to provide this information.
