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South Carolina Treasurer Heads to El Salvador on Bitcoin “Fact Finding” Trip

Published on

February 5, 2023
Read Time:1 Minute, 41 Second

South Carolina Treasurer Curtis Loftis spent 5 days in El Salvador as a part of a cryptocurrency “reconnaissance journey”.

In accordance with an Oct. 5 announcement, Loftis was A part of a delegation together with South Carolina enterprise leaders, rural well being officers and people “ within the growth of cryptocurrency and blockchain applied sciences” who met with El Salvador authorities officers to debate the nation’s Bitcoin adoption efforts (BTC) to know. For the reason that enactment of El Salvador's bitcoin regulation in September 2021, the cryptocurrency has been authorized tender alongside the US greenback within the Central American nation.

Loftis reportedly used its personal funds to pay for the journey, which included talking about Bitcoin with authorities officers and exploring the nation's monetary literacy education schemes. In accordance with the Treasurer, the go to to El Salvador was prompted by the South Carolina Legislature to discover methods to help crypto and blockchain adoption within the state.

"Whereas there are a variety of variables to think about, it is thrilling to consider the prospects of how South Carolina residents, significantly these in our rural communities, may additionally profit from using Bitcoin," stated Dennis Fassuliotis, President of the South Carolina Rising Applied sciences Affiliation. who was additionally on the journey.

SC Columbia Treasurer and Bitcoin supporter Curtis M. Loftis visited El Salvador and witnessed the optimistic and transformative impression of BTC – El Salvador in English https://t.co/NddUO4HyIp

— Bitcoin Seashore (@Bitcoinbeach) October 4, 2022

Associated: Grassroots initiatives are bringing bitcoin schooling to communities throughout America

About 20% of Salvadorans reportedly use BTC by way of Chivo wallets, whereas El Salvador President Nayib Bukele introduced that the federal government held 2,381 BTC in July. With the crypto market taking middle stage, the worth of the nation's whole Bitcoin investments has fallen by greater than 55% since September 2021 -- roughly $48 million at press time.

Cointelegraph reached out to Curtis Loftis however acquired no response on the time of publication. This story will probably be up to date.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : February 5, 2023
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