In a US first, the state of Louisiana has accepted cryptocurrency as a valid form of payment, becoming the first US state to do so.
Louisiana State Treasurer, John Fleming, confirmed the integration of digital currencies as a payment method this week enabling Louisiana residents to have the option to pay for state services with their crypto wallets.
So far, the state government has only ruled that three cryptocurrencies will be accepted as payment terminals; Bitcoin, Bitcoin Lightning and USD Coin.
Upon the announcement, Louisiana also confirmed that the first crypto payment was made to the Louisiana Department of Wildlife and Fisheries.
Fleming commented on the new ruling: “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.”
To ensure that crypto payments are as seamless as possible, the state government has integrated a unique service that will convert transactions by depositing US dollars to state government accounts.
This service aims to protect the state from previous fears over accepting crypto and promotes the adoption of new technologies in the state’s infrastructure.
The integration of cryptocurrency payments into state agencies results from a collaborative effort between the State of Louisiana, Bead Pay, a specialist in cryptocurrency payments, and Louisiana-based integration partners.
Louisiana State Representative, Mark Wright, said: “I have been proud to author several bills related to digital assets and to Chair the State Treasurer’s task force in 2022. 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.”
Leveraging Bead Pay’s crypto payment infrastructure, residents at the point-of-sale can benefit from features like a decrease in the number of fraudulent transactions.
Other benefits also include no state government oversight over every crypto transaction, stable volatility, all digital wallets eligible for use and the state will receive every crypto transaction in US dollars.
Jay Sykes, CEO of Bead Pay, added: “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.”
