Louisiana has launched a new initiative allowing residents to pay state agencies with Bitcoin and Circle’s stablecoin, USDC. This announcement came in a press release on September 18.
First Agency to Accept Crypto Payments
The Louisiana Department of Wildlife and Fisheries leads the way as the first agency to accept these payments. Officials plan to expand this option to other state departments in the future. Secretary Madison Sheahan noted that digital payment methods enhance customer service.
Successful Payment Processing
The department has already processed its first payment using this new system through the Bitcoin Lightning network. This successful transaction marks a significant step forward.
Flexibility with Financial Protections
According to Louisiana State Treasurer John Fleming, the transition aims to give residents more flexibility. At the same time, it protects the state from cryptocurrency market volatility. Payments in crypto will convert to US dollars at the moment of the transaction.
Fleming explained, “By introducing cryptocurrency as a payment option, we are providing another way for citizens to interact with state services while maintaining safeguards to ensure the state’s financial stability.”
Bead Pay’s Role in the System
Bead Pay, a company that specializes in cryptocurrency transactions, will support the payment system. It will facilitate the conversion of digital currencies into US dollars. Importantly, the state will not hold cryptocurrency directly; instead, funds will deposit into state accounts similarly to traditional debit or credit card payments.
Legislative Support for Digital Assets
State Representative Mark Wright (R-Covington) welcomed this expansion of payment options. He stated, “This is a positive step forward in offering new technologies for residents to engage with state government.”
Louisiana’s Commitment to Cryptocurrency
This initiative aligns with several pro-crypto policies from the Louisiana government. Earlier this year, Governor Jeff Landry signed a bill banning central bank digital currencies (CBDCs) and safeguarding residents’ rights to self-custody and mine cryptocurrency.
The legislation, known as HB 488, restricts state authorities from participating in federal tests related to CBDCs. Furthermore, it ensures that individuals and businesses can freely use and store crypto. It also protects home and commercial crypto mining activities, positioning Louisiana as a state open to innovation in the digital asset landscape.
This latest move to integrate cryptocurrency payments into state services builds on this momentum. It highlights Louisiana’s broader commitment to embracing digital financial technologies while maintaining regulatory oversight.
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