Louisiana State Government Accepts Cryptocurrency Payments
Louisiana state government is now officially accepting payments in cryptocurrency. State Treasurer John Fleming announced this week that residents will be able to make payments using Bitcoin, Bitcoin Lightning, and USD Coin through a secure application called Bead Pay.
Bead Pay is designed to convert cryptocurrencies into U.S. dollars, allowing the state to handle transactions without the complexities of dealing directly with digital currencies. This innovative service aims to protect the state from concerns related to cryptocurrency, such as fraudulent transactions and price volatility.
First Crypto Payment Made
The first successful crypto payment was made to the Louisiana Department of Wildlife and Fisheries (LDWF) on Tuesday, marking a significant milestone in the state's adoption of digital currency. LDWF Secretary Madison Sheahan expressed that this initiative is a step toward creating a modern and professional organization that better serves Louisiana's sportsmen.
Currently, LDWF is the only department accepting crypto payments, but the option is available for any state department that wishes to adopt this technology, according to Fleming's spokesperson Jeff Crouere.
The Path to Acceptance
The initiative to accept cryptocurrency gained momentum in 2022 when state Rep. Mark Wright sponsored a measure to establish a digital assets working group to explore the use of cryptocurrencies in state government. This study group ultimately recommended that digital currencies should be an acceptable form of payment for state transactions.
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