South Carolina Treasurer Curtis Loftis spent 5 days in El Salvador as a part of a cryptocurrency-focused “reconnaissance journey”.
In line with an Oct. 5 announcement, Loftis was a part of a delegation together with South Carolina enterprise leaders, rural well being officers, and people “concerned about increasing cryptocurrency and blockchain applied sciences” who have been assembly with El Salvador authorities officers to to grasp the nation’s efforts to undertake Bitcoin (BTC). For the reason that enactment of El Salvador’s bitcoin legislation in September 2021, the cryptocurrency has been authorized tender alongside the US dollar 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 financial literacy teaching programs. In line with the Treasurer, the go to to El Salvador was prompted by the South Carolina Legislature to discover methods to assist crypto and blockchain adoption within the state.
Talking to Cointelegraph, Loftis, a self-proclaimed Luddite, mentioned he’s neither a “proponent nor an opponent” of crypto, however desires to find out how the South Carolina authorities can use the know-how successfully and foster financial literacy amongst residents. The treasurer mentioned the group tried utilizing bitcoin as funds to avenue distributors and native companies “perhaps 4 instances” through the journey to El Salvador.
“We went to a nicer restaurant and the invoice was like $300-$400 — a bunch of us — they usually paid with bitcoin,” Loftis mentioned. “I beforehand signed up for Lightning. […] It was fascinating … individuals who reside very near the bottom use bitcoin and a few of them actually take pleasure in it – they have been actually happy to have finished it.”
The South Carolina Treasurer added:
“That’s our mission: to not create a world with Bitcoin or Ethereum, or to not create this world – it’s simply understanding what’s going on, constructing a system by which we […] Be certain individuals have good sources to grasp what’s occurring.”
SC Columbia Treasurer and Bitcoin supporter Curtis M. Loftis visited El Salvador and witnessed the constructive and transformative influence of BTC – El Salvador https://t.co/NddUO4HyIp
— Bitcoin Seashore (@Bitcoinbeach) October 4, 2022
Associated: Grassroots initiatives are bringing bitcoin training to communities throughout America
About 20% of Salvadorans reportedly use BTC via Chivo wallets, whereas El Salvador President Nayib Bukele introduced that the federal government held 2,381 BTC in July. Because the crypto market has declined, the value of the nation’s whole Bitcoin investments has fallen by greater than 55% since September 2021 — price round $48 million at press time.