The adoption of Bitcoin in El Salvador, the first country that made cryptocurrency a legal tender, continues to serve as an example and a pilot for other countries. That is why many eyes are attentive to what is happening in the nation. In fact, President Nayib Bukele himself, in an article he wrote, showed that he was aware that El Salvador fulfills that role: “If El Salvador is successful, many countries will follow suit. If El Salvador fails, something we refuse to do, no country will try.”
That is why there are many who are visiting the Central American country to see reality with their own eyes.
A delegation from South Carolina, United States, made up of a diverse group of business leaders, rural health officials, and individuals interested in expanding cryptocurrency and blockchain technologies, including State Treasurer Curtis Loftis, made an exploratory trip to El Salvador.
During their five-day visit, the group traveled from one side of the country to the other as they gathered information, met with government officials, and sought to understand the changes this Central American country has made to embrace Bitcoin and educate its citizens about its use…
“What we witnessed in El Salvador is very helpful in our efforts to foster greater support and understanding of digital assets and emerging technologies here in South Carolina,” said Dennis Fassuliotis, president of the South Carolina Emerging Technologies Association (SCETA). “We heard several stories about how street vendors have embraced this technology and significantly grown their businesses as a result. While there are a number of variables to consider, it is exciting to ponder the prospects for how South Carolinians, especially those in our rural communities, could also benefit from using Bitcoin.”
The State Treasurer participated in the fact-finding trip as the General Assembly recently tasked his office with exploring the growing development and potential adoption of digital assets and identifying ways that stakeholders across the state, including individuals, businesses private, and state and local government entities. – can benefit from the expanded use of these technologies. Loftis reportedly paid for his trip with personal funds and not government funds.
Diverse visit
During the visit, Treasurer Loftis and the delegation met with Central American government officials about the adoption of Bitcoin in the country. They also observed first-hand the educational program My First Bitcoin and participated with teachers and industry experts from around the world, administering a final exam to students who completed a 10-week financial education program that included how to use Bitcoin for daily transactions and graduation ceremonies.
Bitcoin Beach spread the visit:
SC Columbia Treasurer and Bitcoin supporter, Curtis M. Loftis, visited El Salvador and witnessed the positive and transformational impact of BTC – El Salvador in English
— Bitcoin Beach (@Bitcoinbeach) October 4, 2022
“El Salvador is a rapidly evolving country that has taken an aggressive approach to transforming a largely unbanked population into one that is now embracing the use of Bitcoin,” Treasurer Loftis said. “My goal was to see how this bold initiative worked out and I was pleasantly surprised.” And I add:
“When I spoke to many of the small business owners, they remain interested in using Bitcoin and expect its expansion to continue for the foreseeable future.”
A presentation showcasing efforts in El Salvador, as well as insights from Treasurer Loftis on the potential impact of digital assets on Palmetto State are just part of a planned agenda for the South Carolina Bitcoin Blockchain Conference in Charleston in October.
