El Salvador will create a Bitcoin Embassy in the US
El Salvador announced that the space will be located in Miami, and will serve as a center to promote the use and adoption of cryptocurrencies
The government of El Salvador announced that it is going to create a Bitcoin Embassy in the United States. The objective of this embassy is to encourage the use and adoption of cryptocurrencies, and help the Salvadoran economy through investment in digital assets.
This space will be located in the city of Miami, Florida, which is known for being a major US financial center and a blockchain technology hub. The embassy will be managed by the Bitcoin Association of El Salvador and will provide information and advice to companies and individuals interested in investing in this sector.
The announcement comes amid a difficult economic environment in El Salvador, which has been exacerbated by the Covid-19 pandemic. The Salvadoran government sees in cryptocurrencies an opportunity to encourage foreign investment and improve the country’s economy.
Additionally, the Salvadoran government is also working on a plan to officially adopt Bitcoin as legal tender. The move was announced by President Nayib Bukele in June 2021 and has been met with controversy around the world.
(Reference image source: file)
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