Curtis Loftis, the treasurer of South Carolina, recently traveled to El Salvador for a “fact-finding trip” focused on cryptocurrencies.
During his five-day visit, Loftis joined a delegation comprising South Carolina business figures, rural health professionals, and individuals keen on the advancement of cryptocurrency and blockchain technologies. They engaged with El Salvadoran government officials to gain insights into the country’s implementation of Bitcoin (BTC) as legal tender alongside the U.S. dollar since the enactment of El Salvador’s Bitcoin Law in September 2021.
Loftis personally financed the trip, which involved discussions with government representatives about Bitcoin and an examination of the nation’s financial education initiatives. The treasurer noted that the trip was prompted by South Carolina lawmakers looking into ways to foster the adoption of crypto and blockchain technologies in the state.
In a conversation with Cointelegraph, Loftis, who describes himself as a technology skeptic, emphasized his intention to understand how South Carolina could effectively leverage blockchain technology and enhance financial literacy among its populace. He shared his experience of using Bitcoin a few times during the trip, including a payment made in Bitcoin at a restaurant totaling $300-400.
According to Loftis, the primary objective is not to create a world dominated by Bitcoin or Ethereum but to grasp the ongoing developments and establish mechanisms to ensure citizens have the necessary resources to comprehend the evolving financial landscape.
In related news, reports indicate that about 20% of Salvadorans utilize BTC through Chivo Wallets, while El Salvador’s President Nayib Bukele announced that the government held 2,381 BTC as of July. However, due to the recent downturn in the crypto market, the value of the country’s Bitcoin holdings has decreased by over 55% since September 2021, currently valued at approximately $48 million.
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