The State Government of Louisiana has made a step forward in the eyes of many, now accepting cryptocurrency as valid payment.
Louisiana Now Accepts Cryptocurrency for State Payments
The State Government of Louisiana has made a step forward in the eyes of many, now accepting cryptocurrency as valid payment. As announced in a press release earlier this week by Louisiana Treasurer John Fleming, Louisiana residents can pay the state using their crypto wallet. Currently, the state will accept three different cryptocurrencies, Bitcoin, Bitcoin Lightning, and USD Coin.
In that same press release, it is announced that the first crypto exchange with the state happened earlier this week with a payment made to the Louisiana Department of Wildlife and Fisheries. The state will accept crypto payments through Bead Pay, a service that converts crypto for these payments. The State assures that Bead Pay will act as a preventative measure with payments as they tout a secure and strong fraudulent prevention system. Through Bead Pay the state of Louisiana will not handle the crypto transactions themselves, instead letting Bead Pay finalize the payment and transfer the funds to the state after a secure transaction is confirmed.
“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. Additionally, this unique innovation protects our state from any volatility associated with cryptocurrency,” Dr. Fleming, Louisiana Treasurer
As stated in the press release, the three cryptocurrencies accepted now are Bitcoin, Bitcoin Lightning, and USD Coin. Bitcoin is likely a familiar name in cryptocurrency, but Bitcoin Lightning and USD Coin may be unfamiliar names for many. Bitcoin Lightning is no different from Bitcoin as a currency, all that's different is the network and style of payments on the blockchain. USD Coin is a very simple coin when compared to the complex world of crypto, the coin's value is intrinsically connected to the value of the United States dollar.
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