The government of Louisiana has accepted its first crypto payment, signalling the adoption of new technologies in the state’s infrastructure.
The pro-crypto US state, which passed the groundbreaking Bitcoin bill in June, is now accepting crypto payments from residents for state services. The move allows Louisiana residents to pay using their private, secure crypto wallets.
Louisiana State Treasurer John Fleming, M.D., announced the move as an “innovative transition,” allowing the integration of crypto into Louisiana’s public operations.
LOUISIANA STATE GOVERNMENT ACCEPTS FIRST CRYPTOCURRENCY PAYMENThttps://t.co/C9NqQbpEyo
Louisiana State Treasurer, John Fleming, M.D. announces an innovative transition with state government's plan to accept cryptocurrency as a valid form of payment. pic.twitter.com/b9B0OK7Al9— John Fleming, MD Louisiana State Treasurer (@LATreasury) September 18, 2024
He stressed the importance of government systems embracing new technologies.
“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.”
The state government just made its first crypto payment to the Louisiana Department of Wildlife and Fisheries, the announcement read.
Embracing Crypto Payments to Protect State from Fraud, Volatility
Further, Fleming noted that unique innovation by the state protects it from any volatility associated with cryptocurrency.
The Louisiana state government currently accepts crypto payments for its services in Bitcoin (BTC), Bitcoin Lightning, and USD Coin (USDC).
The process works like a credit or debit card transaction. The service converts incoming cryptocurrency payments and deposits U.S. dollar amounts into state government accounts.
Louisiana has been against passing a central bank digital currency (CBDC). State governor Jeff Landry recently signed a bill to ban CBDCs, protecting the right to self-custody and mining Bitcoins.
Louisiana Collaborates With Crypto Payments Platform Bead Pay
The southeastern U.S. state has collaborated with crypto payments specialist Bead Pay to convert and process crypto payments.
“As one of the pioneers in the realm of cryptocurrency transactions, our role is to ensure these payments are not only efficient but also secure,” Jay Sykes, CEO of Bead Pay, said.
Sykes believes that the integration would decrease the number of fraudulent transactions and avoid crypto price volatility.
“We’re focused on removing the traditional barriers associated with cryptocurrency, such as volatility and fraud risks, making it a reliable option for government transactions.”
Additionally, both residents and the state government can use any digital crypto wallet for payment transactions. The state will receive payments in US Dollars.
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