This is an opinion editorial by Dennis Fassuliotis, founder of South Carolina Blockchain Inc. and co-founder of South Carolina Emerging Technology Association, Inc.
A South Carolina delegation comprised of a diverse group of business leaders, rural health officials, and people interested in bitcoin expansion, including state treasurer Curtis Loftis, recently returned from an exploratory trip to El Salvador, the first country in the world to adopt bitcoin as legal tender.
During their five-day visit, the group traveled across the country to gather information, meet with government officials and seek to understand the changes the Central American country has made to adopt bitcoin and educate its citizens on its use. .
“What we have witnessed in El Salvador is very helpful in our efforts to encourage more support and understanding for digital assets and emerging technologies here in South Carolina,” said Dennis Fassuliotis, president of South Carolina Emerging Technologies. Association (SCETA). “We’ve heard many stories of how street vendors have embraced this technology and dramatically expanded their businesses as a result. While there are a number of variables to consider, it’s exciting to think about the prospects of how South Carolinians, especially those in our rural communities, could also benefit from using Bitcoin.
The State Treasurer participated in the fact-finding mission as his office was recently tasked by the General Assembly to explore the growing development and potential adoption of digital assets and identify ways in which stakeholders across the state – including individuals, private businesses, and state and local government entities. — can benefit from the wider use of these technologies.
During the visit, Treasurer Loftis and the delegation met with government officials about the country’s adoption of bitcoin. They also observed the Mi Primer Bitcoin first-hand education program and participated with teachers and industry experts from around the world, administering a final exam to students who completed a 10-week financial literacy program that included how to use bitcoin for transactions daily and launch ceremonies.
“El Salvador is a rapidly changing 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. “My goal was to see how this bold move worked, and I was pleasantly surprised.”
In a country shaken by four generations of civil war, changes of government and the exodus of almost 25% of its population for a better life elsewhere, the government’s efforts to revive its economy are starting to yield positive results as they marked the one-year anniversary of the legalization of bitcoin. The number of Salvadorans using bitcoin for everyday purchases is expected to increase as the government institutes new policies and procedures to clarify and expand usage.
“When I’ve spoken with many small business owners, they remain interested in using bitcoin and expect its continued expansion for the foreseeable future,” Loftis added.
A presentation capturing efforts in El Salvador as well as Treasurer Loftis’ insights into the potential impact of digital assets on Palmetto State are just part of an exciting program planned for the South Carolina Blockchain Bitcoin Conference in Charleston. People representing some of the brightest minds in the Bitcoin industry will share their insights into Bitcoin’s impact on energy, education, economic development, banking and more.
No state tax dollars were used to fund Treasurer Loftis’ trip. He paid for his trip with personal funds.
This is a guest post by Dennis Fassuliotis. The opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.