Louisiana becomes first US state to accept cryptocurrency payments

The southern state of Louisiana has become the first in the United States to accept cryptocurrency as a valid form of payment for government-related services.

It was on Wednesday (Sep, 17) when the Bayou State’s Treasurer John Fleming announced the news through a press release, which states that “residents will now have the option to pay for state services from their private, secure crypto wallets.”

Some of the more popular types of cryptocurrencies will be accepted as a payment option, including Bitcoin, Bitcoin Lightning, and USD Coin. It was on the same day as the news release that the first crypto payment was made to the Louisiana Department of Wildlife and Fisheries.

Louisiana state government has began officially accepting crypto as a valid form of payment. pic.twitter.com/zJMhuWZ5xm

— Vic Laranja (@VicLaranja) September 18, 2024

“In today’s digital age, government systems must evolve and embrace 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.

“Additionally, this unique innovation protects our state from any volatility associated with cryptocurrency,” Dr. Fleming said.

The state has partnered with Bead Pay which is a specialist in cryptocurrency payments to enable the transactions to happen, alongside other Louisiana-based integration partners.

The state’s Representative, Mark Wright, has previously championed the issue throughout his career and authored several bills related to digital assets in 2022.

He said: “I’m excited to see Louisiana further expanding its payment options under Treasurer Fleming. I look forward to working with him and others so that Louisiana will continue to be a leader in accepting digital payments.”

As a listed benefit of the adoption of crypto, the state says there will be a “decrease in the number of fraudulent transactions.”

The state of Louisiana will not handle cryptocurrency as they are leveraging Bead Pay, so the state will receive payments in US dollars.

“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. 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,” said Jay Sykes, Chief Executive Officer of Bead Pay.

The Department of Wildlife and Fisheries became the first to have the new payment option implemented, with the other departments following suit.

Featured Image: Via Ideogram

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