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El Salvador has become the first country in the world to list Bitcoin as a legal tender. The country has been struggling financially and has shifted from its native currency to USD on account of massive devaluation. The country has received considerable criticism from internal and external sources on this matter.
Salvador Ambassador to the USA, Milena Mayorga, has recently talked about her meeting with the Deputy Secretary of Taxes. She disclosed having a discussion about opening a Bitcoin Embassy in the lone star state.
Before the country added Bitcoin as a legal tender, the news was broken to the public by Jack Mallers from Zap Solutions in June 2021 during the Bitcoin 2021 Conference.
Bitcoin Innovation Center in El Salvador
Mallers was the person who broke the news about the adoption of Bitcoin as a legal tender in Salvador. He presented the audience with that a video of President Bukele and read a passage about the regulatory implications of adopting Bitcoin as a legal tender. During the same event, he had taken the pledge to open an innovation center in El Salvador.
The country adopted Bitcoin as a legal tender in June 2021, and President Bukele appointed Mayogra as Ambassador to the USA in September 2020. It is worth noting that before working as a US Ambassador, she was working as a Legislative Assembly member.
She gave a speech on Bitcoin adoption in 2022 at the Plan B forum in Switzerland. Swiss city Lugano has signed an MOU with Salvador to act as a neighboring state.
During her meeting with the Deputy Secretary of Texas, she discussed the matter of opening a Bitcoin Embassy. The scope of this embassy has commercial economic and exchange projects. The Ambassador attempts to open new commercial routes and spark a renewed commercial interest in her country.
There are considerable objections to the Bitcoin experiment adopted by Salvador. There are some implications that the government has adopted the digital currency to benefit only the upper class of the region rather than ensuring that everyone gets to participate. The country has reportedly suffered from economic decline and was forced to shift to the USD standard.
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