The government of Louisiana has accepted cryptocurrency as a valid form of payment.
The first cryptocurrency payment was made to the Department of Wildlife and Fisheries.
The state joined Bead Pay to convert crypto payments into US dollars to prevent volatility.
The government of Louisiana has reached a new milestone by accepting cryptocurrency as a form of payment. Interestingly, it is the first US state to embrace crypto transactions. The first transaction was made through the Bitcoin Lightning Network. The payment was made as a fine to the Department of Wildlife and Fisheries.
John Fleming, M.D., the state Treasurer, announced in a press release that the initiative will help the residents, especially crypto users. The residents can integrate their digital currency into the state’s public operations. Through this, they will be able to make their payments to state services efficiently from their private crypto wallets. Currently, Bitcoin, Bitcoin Lightning, and the USD Coin are accepted. Fleming said,
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
Although the state has accepted crypto payments, the money deposited in the Treasury will be in US dollars. By collaborating with Bead Pay, the state will convert all the received crypto payments into US dollars to prevent volatility.
Bead Pay is a specialist in crypto conversion. It will eliminate the complexities linked with holding, converting, and understanding crypto. By using this service, third parties can integrate crypto payments into their e-commerce and point-of-sale payments efficiently.
By implementing Bead Pay, the government can reduce fraudulent transactions. This service will help to prevent volatility if the price of the coin changes. Further, residents can use any digital wallet to make payments to the state. Most specifically, by using the conversion service, the state of Louisiana does not need to handle cryptocurrency.
Speaking at the event, Mark Wright, the state representative, stated that he was elated with the recent development of the state. Wright added that he had been providing bills on the benefits of cryptocurrency. With the bills, he urged the government to implement them as soon as possible. Wright asserted that the new achievement will push the state to be a leader in accepting digital payments.
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