Louisiana Begins Accepting Crypto Payments
20 Sep, 2024 ● Crypto News
Louisiana has officially accepted its first cryptocurrency payment after the state’s Treasurer announced that residents can now pay for state services using specific cryptocurrencies.
Residents in Louisiana can now use any crypto wallet to make payments through Bitcoin, the Bitcoin Lightning Network, and the USD-pegged stablecoin USD Coin, as per a statement from Louisiana State Treasurer John Fleming on Sept. 17.
The state has already processed its first crypto transaction — a payment for a fine to the Louisiana Department of Wildlife and Fisheries, made via Bitcoin's Lightning Network.
Fleming explained that the decision to accept crypto payments resulted from a partnership between the state, Bead Pay, and local integration partners. He noted that this would lead to a “decrease in the number of fraudulent transactions.”
He emphasized the need for government systems to adapt to technological advancements in the digital era and that the introduction of crypto as a payment option offers citizens more flexibility when interacting with state services.
Fleming also clarified that while the state accepts crypto payments, they are converted into US dollars, ensuring the government remains unaffected by past concerns surrounding cryptocurrency.
Republican State Representative Mark Wright, who championed the initiative for the state to accept crypto, expressed his enthusiasm for Louisiana expanding its payment options.
In May 2022, Wright established a digital assets working group, which concluded early last year that cryptocurrency could be used as a viable payment method.
Wright also led a 2021 Louisiana House resolution that praised the anonymous creator of Bitcoin, Satoshi Nakamoto, for their “contribution to economic security.”
In June, Louisiana revised its laws to prohibit central bank digital currencies (CBDCs) and to establish regulations for crypto miners and node operators.
The law prevents the state from participating in CBDC-related tests or requiring CBDC payments but does not ban other forms of digital currency payments.
Sources;
https://cointelegraph.com/news/louisiana-accepts-first-crypto-payment-bitcoin-lightning
https://www.treasury.la.gov/_files/ugd/92c97e_ee5334e5115b4bada9445f8c345665ed.pdf
