A delegation from South Carolina, United States, traveled to El Salvador to learn how the country’s recognition of bitcoin as legal tender is transforming its economy, according to a statement sent to Bitcoin magazine.
Business and technology leaders, health officials and State Treasurer Curtis Loftis toured El Salvador for five days, traveling from one end of the country to the other. The delegation met with various local government officials to understand what the emerging technology was achieving.
“What we witnessed in El Salvador is very helpful in our efforts to foster greater support and understanding for digital assets and emerging technologies here in South Carolina,” said Dennis Fassuliotis, president of the Emerging Technologies Association of South Carolina (SCETA), according to the release. .
Loftis was recently commissioned by the General Assembly to explore the continued development and potential adoption of bitcoin. The State Treasurer aimed to identify methods to seek more stakeholders across the state while showcasing the benefits of increased use of bitcoin and cryptocurrencies.
“We’ve heard several stories about how street vendors have embraced this technology and grown their businesses significantly as a result,” Fassuliotis said. “While there are a number of variables to consider, it is exciting to think about the prospects of how South Carolinians, especially those in our rural communities, could also benefit from the use of Bitcoin” .
Additionally, Loftis and other members of the delegation witnessed Mi Primer Bitcoin’s educational program helping students understand and implement the use of bitcoin with a focus on financial literacy.
“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,” said Treasurer Loftis.
Treasurer Loftis said he paid for the trip out of his own pocket, noting that no taxpayer money was used to fund the delegation.
Additionally, from October 5-7, two of El Salvador’s top ministers will present the impact bitcoin has had for the country at the South Carolina Bitcoin Blockchain Week conference.