South Carolina treasurer takes bitcoin ‘fact tour’ to El Salvador

South Carolina treasurer takes bitcoin 'fact tour' to El Salvador

Curtis Loftis, the US State Treasurer of South Carolina, spent five days in El Salvador on an “exploratory trip” focused on cryptocurrency.

According to the Oct. 5 announcement, Loftis was part of a delegation that included South Carolina business leaders, rural health officials, and others “interested in increasing cryptocurrency technologies.” and blockchain. They met with Salvadoran government officials in an effort to understand the country’s efforts to adopt bitcoin (BTC). The cryptocurrency has been legal tender alongside the US dollar in the Central American nation since El Salvador’s bitcoin law came into force in September 2021.

Loftis reportedly used his own funds to pay for the trip, one of the purposes of which was to discuss bitcoin with government officials and explore the country’s financial literacy education programs. According to the Treasurer, the South Carolina legislature prompted the visit to El Salvador exploring ways to support cryptocurrency and blockchain adoption in the state.

Speaking to Cointelegraph, Loftis, who describes himself as a Luddite, said he was not a “supporter or opponent” of cryptocurrency, but wanted to know how the South Carolina government could make effective use of technology as well to promote the financial education of residents. . The treasurer said the group tried to use bitcoin “maybe four times” during the trip to El Salvador, as payments to street vendors and local businesses.

“We were in a bigger restaurant, and our bill was about $300-400 – there were a lot of us – and we paid in bitcoins. “said Loftis. “I signed up with Lightning ahead of time. […] It was interesting […] people who live even in rural areas use bitcoins, and some of them really appreciate it – they were more than happy to do it. »

The South Carolina Treasurer added:

“That’s our mandate: it’s not about being a bitcoin or ether laudator, or about being part of this world – it’s just about understanding what’s going on, implementing a system or US […] we make sure people have the right resources to understand what’s going on. »

SC Columbia Treasurer and Bitcoin supporter Curtis M. Loftis visited El Salvador and saw the positive and transformative impact of BTC – El Salvador in English – Bitcoin Beach (@Bitcoinbeach) October 4, 2022

Also read: Local initiatives bring bitcoin education to communities across America

Reports have suggested that around 20% of Salvadorans use BTC through the Chivo wallet, and El Salvador President Nayib Bukele announced that the government had 2,381 BTC in July. With the decline in the cryptocurrency market, the country’s total bitcoin investment value has fallen by more than 55% since September 2021 – that’s about $48 million at press time.

Does bitcoin (BTC) give a false sense of security?

Does bitcoin (BTC) give a false sense of security?

bitcoin and stablecoin adoption is growing

bitcoin and stablecoin adoption is growing