Louisiana Implements Bitcoin and USDC Payments for State Agencies
Louisiana Embraces Crypto: Residents Can Now Pay State Agencies with Bitcoin and USDC
Louisiana residents now have a new option for making payments to state agencies – cryptocurrency. In a groundbreaking move, the Louisiana Department of Wildlife and Fisheries has become the first agency to accept payments in Bitcoin and Circle’s stablecoin USDC.
Secretary Madison Sheahan expressed excitement about the new digital payment option, stating that it aligns with the department’s goal of enhancing customer service. The department has already processed its first payment through the new system, receiving funds via the Bitcoin Lightning network.
State Treasurer John Fleming emphasized that the transition aims to provide residents with more flexibility while safeguarding the state from the volatility of crypto markets. Payments made in cryptocurrency will be converted into US dollars at the time of the transaction, ensuring financial stability for the state.
The system will be supported by Bead Pay, a company specializing in crypto payments, which will facilitate the conversion of digital currencies into US dollars. Residents can rest assured that the state will not hold cryptocurrency directly, and funds will be deposited into state accounts similar to traditional debit or credit card transactions.
State Representative Mark Wright, a proponent of digital assets legislation, welcomed the expansion of payment options, calling it a positive step forward in offering new technologies for residents to engage with state government.
This move to accept crypto payments for state services is part of a series of pro-crypto policies by the Louisiana government. Earlier this year, Governor Jeff Landry signed a bill banning central bank digital currencies (CBDCs) and protecting residents’ rights to self-custody and mine crypto. The legislation positioned Louisiana as a state open to innovation in the digital asset space.
The integration of cryptocurrency payments with state services underscores Louisiana’s commitment to embracing digital financial technologies while maintaining regulatory oversight. Residents can now enjoy the convenience and flexibility of paying state agencies with Bitcoin and USDC, marking a significant step forward in the state’s pro-crypto push.