- Louisiana now allows residents to use Bitcoin and USDC to pay state agencies, starting with the Department of Wildlife and Fisheries, facilitated by Bead Pay.
- Crypto payments will be converted to US dollars at the time of transaction, protecting the state from cryptocurrency volatility.
- The initiative follows a bill signed in June 2024, which supports Bitcoin mining and crypto self-custody and even bans CBDCs for state payments.
Louisiana has become one of the few US states to allow residents to use Bitcoin (BTC) and Circle’s USDC to make payments to state agencies, starting with the Department of Wildlife and Fisheries. This initiative aims to enhance customer service and may expand to other departments in the future.
Related: Jamie Dimon Calls JPMorgan Chase One of the Biggest ‘Users of Blockchain’
According to the press release, all payments made in crypto will be converted into US dollars at the time of the transaction, facilitated by Bead Pay, a crypto payment processor.
Louisiana State Treasurer John Fleming emphasised that the new payment option offers flexibility while protecting the state from cryptocurrency volatility.
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.
John Fleming, Louisiana State TreasurerNo CBDCs Allowed
This development follows Louisiana’s passage of House Bill 488, signed into law on June 19, 2024.
The bill offers legal protections for Bitcoin users and miners while banning Central Bank Digital Currencies (CBDCs) for state payments. It supports digital asset self-custody, promotes Bitcoin mining in industrial areas, and ensures transactional freedom.
Going back to Louisiana, State Representative Mark Wright highlighted the positive impact of integrating new technologies for residents to engage with state services.
I have been proud to author several bills related to digital assets and to Chair the State Treasurer’s task force in 2022. I’m excited to see Louisiana further expanding its payment options under Treasurer Fleming. I look forward to working with him and others so that Louisiana will continue to be a leader in accepting digital payments.
Mark Wright Louisiana State RepresentativeMost in the crypto community welcomed the initiative and deemed it a step forward in crypto adoption.
Related: Fed Announces First US Rate Cuts in Four Years, How Did Crypto React?
However, it’s not the first state to do so, as Colorado was the first to accept crypto for tax payments in 2022.
Credit: Source link
