HomeCULTURESouth Carolina Delegation Goes On Bitcoin Exploratory Trip To El Salvador

South Carolina Delegation Goes On Bitcoin Exploratory Trip To El Salvador

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 made up of a diverse group of business leaders, rural health officials and individuals interested in the expansion of bitcoin, 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 from one side of the country to the other as they gathered information, met with government officials and sought to understand the changes this Central American country has made to embrace bitcoin and educate its citizens about its use.

“What we witnessed in El Salvador is very useful in our efforts to encourage more support and understanding for digital assets and emerging technologies here in South Carolina,” said Dennis Fassuliotis, President of the South Carolina Emerging Technologies Association (SCETA). “We heard multiple stories about how street vendors have embraced this technology and significantly grown their businesses as a result. While there are a number of variables to consider, it’s exciting to ponder the prospects of how South Carolinians, especially those in our rural communities, might also benefit from using Bitcoin.”

The State Treasurer participated in the fact-finding trip as his office was recently charged by the General Assembly to explore the growing development and potential adoption of digital assets and identify ways stakeholders across the state — including individuals, private businesses and state and local government entities — can benefit from the expanded 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 education program first hand and participated with the teachers and industry experts from around the world, administering a final exam to the students completing a 10-week financial literacy program that included how to use bitcoin for daily transactions and commencement ceremonies.

“El Salvador is a rapidly evolving country that has taken an aggressive approach to transform 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 initiative was working, and I was pleasantly surprised.”

In a country racked by four generations of civil strife, governmental changes and the exodus of almost 25% of its population for better lives elsewhere, the government’s efforts to revive its economy is beginning to show positive results as it marked the one-year anniversary of making bitcoin legal tender. The number of Salvadorans using bitcoin for everyday purchases is expected to rise as the government institutes new policies and procedures to clarify and expand usage.

“When I spoke with many of the small business owners, they remain interested in bitcoin usage and are hoping that its expansion will continue for the foreseeable future,” Loftis added.

A presentation capturing the efforts in El Salvador as well as Treasurer Loftis’ insights about digital assets’ potential impact on the Palmetto State are just part of an exciting agenda planned for the South Carolina Bitcoin Blockchain Conference in Charleston. Individuals representing some of the brightest minds in the Bitcoin industry will be sharing their insights on 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. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Dennis Fassuliotis
Dennis Fassuliotis
Dennis is 45 year veteran, real estate professional and has weathered now nine recessions and survived the housing crisis with a multimillion-dollar portfolio of Charleston income producing property mostly intact, he began seeking out other investments to prepare for the next boom and bust cycle of our current financial system. A 5-year veteran in the burgeoning digital asset industry he led Palmettochain Inc, an early advocacy group in SC and oversaw the drafting and filing of the SC Blockchain Empowerment Act of 2019. He is also credited with the first draft of the 2020 SC Senate Resolution 1158 acknowledging the importance of blockchain technology for South Carolina. In 2021, his vision of a state wide technology trade association was attained when he cofounded South Carolina Emerging Technology Association, Inc . (www.SCETA.io) As part of that initiative he led a team of experts in drafting a brief entitled Emerging Technologies as an Economic Development Initiative in South Carolina. In 2022, to date, he most recently led the SCETA team that successfully supported and obtained an appropriation request from the SC General Assembly to the South Carolina State Treasurer’s office for “Digital Currency Literacy” in the state. He’s putting his money where his mouth is for a Bitcoin Circular Economy in his state and founded South Carolina Blockchain Inc., a SC Public Benefit Corporation, to host events, create education programs and fostera rural economic development initiative anchored by Digital Asset Data Centers (DADC) throughout SC and NC. To date, Fassuliotis’ efforts account for over $200 million in digital asset data center investments in the state. Twitter: SCETA = @initiative_sc Personal = @chasjazzclub
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