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 state’s 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,
“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,”
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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
