Louisiana residents can use cryptocurrency to pay for state services
BATON ROUGE, La. (KTAL/KMSS) — The state of Louisiana this week moved into a new digital age when Louisiana State Treasurer John Fleming announced that residents now have the option to pay for state services from their private, secure crypto wallets.
According to a press release from Fleming's office, the state will accept three types of digital currency to pay for public operations: Bitcoin, Bitcoin Lightning and USD Coin.
"In today's digital age, government systems must evolve and embrace new technologies," Fleming said. "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."
According to Fleming's office, the State of Louisiana is working with Bead Pay, a specialist in cryptocurrency payments.
The service converts incoming cryptocurrency payments and deposits U.S. dollar amounts into state government accounts like a credit or debit card transaction.
According to Fleming's office, Bead Pay's conversion will allow for a series of benefits, such as a decrease in the number of fraudulent transactions, the state of Louisiana handling the cryptocurrency, and the state receiving payments in actual U.S. dollars.
The state accepted its first cryptocurrency payment this week through the Louisiana Department of Wildlife and Fisheries.
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