The state of Louisiana has accepted its first payment in cryptocurrency, marking a step towards using new technology in its services. Louisiana, which approved a major Bitcoin law in June, is now letting residents pay for state services with crypto. This means people in Louisiana can use their own secure crypto wallets to make payments. John Fleming, the State Treasurer of Louisiana, called this change an “exciting step forward,” showing how crypto can be used in the state’s public services.
He emphasized how important it is for government systems to adopt new technologies. The state government recently made its first crypto payment to the Louisiana Department of Wildlife and Fisheries, according to the announcement.
“By introducing cryptocurrency as a payment option, we’re not just innovating; we’re providing our citizens with flexibility and freedom in interacting with state services.”
Fleming also pointed out that the state’s unique approach helps shield it from any ups and downs in cryptocurrency value.
Louisiana now accepts crypto payments for its services in Bitcoin (BTC), Bitcoin Lightning, and USD Coin (USDC). The process is similar to a credit or debit card transaction: the state converts the incoming crypto payments into U.S. dollars and deposits them into government accounts. Additionally, Louisiana has opposed adopting a central bank digital currency (CBDC). Governor Jeff Landry recently signed a bill banning CBDCs, ensuring the right to manage and mine Bitcoins independently.
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Louisiana’s First Crypto Payment: A Step Towards Modernization
The southeastern U.S. state has teamed up with crypto payments expert Bead Pay to handle and process crypto payments. Jay Sykes, CEO of Bead Pay, said, “As a leader in cryptocurrency transactions, our job is to make sure these payments are both efficient and secure.”
Sykes believes that this integration will reduce fraudulent transactions and mitigate crypto price swings.
“Our goal is to eliminate common issues with cryptocurrency, like price changes and fraud risks, making it a dependable choice for government payments.”
Residents and the state government can use any digital crypto wallet for transactions, and the state will receive payments in U.S. Dollars.
