The Southern Coastal US state of Louisiana is announcing that its services can now be paid for with crypto assets.
According to a new press release, the government of Louisiana is collaborating with software firm Envoc and crypto payments platform Bead Pay to revolutionize how payments are made for the stateâs services.
Residents of Louisiana can now start using digital assets and crypto wallets to pay for state services starting in early September, though no specific date was given.
The project allows citizens to convert crypto to US dollars in real-time in order to address concerns about the price volatility of digital assets as the government would receive payments in fiat currency. Furthermore, transactions would be faster, more secure, and flexible.
According to Louisiana Treasurer John Fleming, the digital assets that will be accepted include the top crypto asset by market cap Bitcoin (BTC), Bitcoin Lightning, and prominent stablecoin USDC.
Says Fleming,
âIn todayâs digital age, government systems must evolve and embrace new technologies. By introducing cryptocurrency as a payment option, weâre not just innovating; weâre 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,â
The first agency within the state scheduled to implement the crypto payments system will be the Department of Wildfire and Fisheries. According to Fleming, the first payment to the department has already been made.
