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Louisiana Residents Can Pay for State Services Using Cryptocurrency. Louisiana Accepts Its First Crypto Payment via Bitcoin Lightning
Louisiana has made history by accepting its first cryptocurrency payment for state services. The state’s Wildlife and Fisheries Department processed the payment through Bitcoin’s Lightning Network, marking a new era for crypto in government transactions.
Crypto Payment Options for Residents
Louisiana residents now have the option to pay for state services using cryptocurrency. According to State Treasurer John Fleming, payments can be made using Bitcoin (BTC), the Bitcoin Lightning Network, or the US dollar-pegged stablecoin, USD Coin (USDC). Any crypto wallet can be used for these transactions.
Secure and Fraud-Resistant Payments
The move toward accepting crypto payments is part of a collaboration between the state and local integration partners like Bead Pay. Fleming believes this will reduce fraudulent transactions, as crypto payments are known for their transparency and security.
Fleming emphasized that while the state accepts cryptocurrency, payments are instantly converted to US dollars. This protects the government from the volatility often associated with digital currencies.
Embracing Digital Innovation
“Government systems must evolve and embrace new technologies,” Fleming said. “By introducing cryptocurrency as a payment option, we’re providing flexibility and freedom for citizens to interact with state services.”
Legislative Support and Previous Crypto Initiatives
The push to adopt cryptocurrency payments was led by Republican State Representative Mark Wright. In 2022, Wright formed a digital assets working group that explored the feasibility of crypto payments. He has also been a longtime advocate for cryptocurrency, even leading a 2021 Louisiana House resolution to commend Bitcoin’s anonymous inventor, Satoshi Nakamoto.
In June 2023, Louisiana took further steps to regulate digital currencies, banning central bank digital currencies (CBDCs) but allowing other forms of crypto. This legislation also set rules for crypto miners and node operators.
