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Loftis used “digital bread” to buy bread in El Salvador


In the mountain town of Ataco in El Salvador, a female street vendor sold flatbread to S.C. State Treasurer Curtis Loftis Jr., but she did not accept U.S. dollars or another foreign currency. Instead, she wanted bitcoin.

Bitcoin was also the accepted legal tender at an upscale Salvadoran restaurant where Loftis and other South Carolinians dined in mid-September during a fact-finding visit to see how bitcoin, a digital currency, is functioning as the country’s national currency.

On Oct. 5-7, Loftis and others will discuss El Salvador’s economy and other emerging digital technology during the S.C. Blockchain Conference at the Indigo Inn in Mount Pleasant. Hester M. Peirce, a member of the U.S. Securities and Exchange Commission, is also scheduled to attend the conference.  

The conference, sponsored by the S.C. Emerging Technology Association (SCETA) based in Charleston, recently gained support from state lawmakers who authorized Loftis to spend $500,000 to study digital currency literacy. Information about digital currencies is expected to be added to the treasurer’s office website this month.

In an interview with Charleston City Paper, Loftis said, “My job is not to be a proponent or an opponent of bitcoin or digital assets. My job is to look at them all and try to see how the state wants” to use the technology and then develop a financial literacy course for it.



Read More: Loftis used “digital bread” to buy bread in El Salvador

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