The Louisiana state government announced that it will begin accepting payments in select cryptocurrencies.
The state’s Treasurer said that the initiative was to bring innovation and flexibility to government systems.
The crypto community worldwide has its eyes set on Singapore’s Token 2049, as enthusiasts gather to discuss blockchain, web3, and everything crypto. Meanwhile, presidential candidate Donald Trump garnered market attention by making his first crypto payment at a Bitcoin bar.
Amid such intriguing cryptocurrency advancements, the US state of Louisiana added to the spur by allowing its first crypto payment. According to sources, the Louisiana State Treasurer, John Fleming made an official statement permitting crypto payments for state services.
The announcement said that citizens of Louisiana now have the option to pay for services using select cryptocurrency from their private and secure wallets. Additionally, the cryptocurrencies that the state government accepts include Bitcoin, Bitcoin Lightning, and US dollar pegged stablecoin USD coin.
John Fleming stated in the announcement:
“In today’s digital age, government systems must evolve and embrace new technologies. 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.”
Furthermore, the state government also accepted its first crypto payment over the last 24 hours. The payment was made to the Department of Wildlife and Fisheries using the Bitcoin Lightning Network.
How Does Louisiana Plan to Operate Crypto Payments?
Treasurer Fleming explained in the press release that they have introduced a unique service that will convert crypto payments to fiat before depositing in state accounts. Additionally, the government has also collaborated with Bead Pay, a crypto payment platform.
Bead Pay platform will convert the crypto payments into Fiat currencies acting as an intermediary said the statement. This particular innovation by the Louisiana government is a significant advancement in mainstreaming the crypto industry.
Additionally, the government’s optimistic approach towards crypto amid regulatory scrutiny stands as an exemplar for other institutions. Recently, the US regulator, SEC made claims about the NFT sector that were discussed by Pudgy Penguins CEO in a discussion.
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