State official used own money to pay for trip to discuss Bitcoin with government officials.
The state official reportedly used his own money to pay for the trip, which included discussing Bitcoin with government officials and exploring financial literacy programs.
Curtis Loftis, the treasurer for the U.S. state of South Carolina, spent five days in El Salvador as part of an “exploratory trip” on cryptocurrencies. Loftis is interested in exploring the possibility of using cryptocurrencies to help South Carolina’s economy.
South Carolina business leaders, including Loftis, are interested in understanding El Salvador's efforts to adopt Bitcoin as legal tender. The cryptocurrency has been legal tender alongside the U.S. dollar in the Central American nation since El Salvador's Bitcoin Law went into effect in September 2021.
I believe that the visit to El Salvador by Loftis is a positive step in the right direction. It is important for government officials to become more familiar with Bitcoin and other cryptocurrencies, and to explore ways to promote financial literacy. I hope that this visit will lead to more constructive dialogue and collaboration between the public and private sectors on how to best support the adoption of new technologies.
It's exciting to think about how South Carolinians might benefit from using Bitcoin, especially those in rural communities. Bitcoin has the potential to help people in these communities access financial services and make transactions without having to go through traditional banks. This could help reduce costs and make it easier for people to access the money they need.
S.C. Columbia Treasurer and Bitcoin supporter, Curtis M. Loftis, visited El Salvador and witnessed the positive and transformational impact of BTC – El Salvador in English https://t.co/NddUO4HyIp
— Bitcoin Beach (@Bitcoinbeach) October 4, 2022
I believe that the use of Bitcoin in El Salvador is a positive development that will help the country's economy grow. However, I am concerned about the recent drop in the value of Bitcoin. I hope that the government will continue to invest in Bitcoin and that the value of Bitcoin will rebound soon.
Cointelegraph reached out to Curtis Loftis, but did not receive a response at the time of publication. This story will be updated. Curtis Loftis is a well-known figure in the cryptocurrency world, and his insights on the industry are highly sought after.
