Louisiana State Treasurer, John Fleming, M.D. has announced that the state government will now accept Bitcoin, Bitcoin Lightning Network, and USD Coin, as a valid form of payment for state services. The first cryptocurrency payment was made to the Louisiana Department of Wildlife and Fisheries today.
BREAKING: 🇺🇸 Louisiana state government now accepts #Bitcoin as payment. pic.twitter.com/pXO8Lya59x
— Bitcoin Magazine (@BitcoinMagazine) September 18, 2024
Dr. Fleming, described this initiative as a crucial step in modernizing government operations, stating, “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.”
The Bitcoin payments will be converted into U.S. dollars by Bead Pay, a provider specializing in cryptocurrency conversion for government transactions. “The State of Louisiana will not handle cryptocurrency,” clarified the announcement. This system aims to ensure that the state is protected from the volatility commonly associated with digital currencies. The conversion process mirrors that of credit or debit card payments, minimizing risks while offering secure, efficient transactions.
Louisiana’s shift to accepting Bitcoin is a part of a broader effort to integrate new technologies into public services. “I have been proud to author several bills related to digital assets and to Chair the State Treasurer’s task force in 2022,” said Louisiana State Representative Mark Wright. “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.”
Louisiana expects the new payment options to reduce fraud and enhance overall transaction security. Residents can now use their private Bitcoin wallets to pay for services, while the state continues to receive payments in U.S. dollars.
The Louisiana Department of Wildlife and Fisheries was the first state agency to adopt the new payment system, with more departments expected to follow. “Offering our sportsmen more ways to interact with our department allows for us to enhance our customer service,” stated Secretary Madison Sheahan of the Louisiana Department of Wildlife and Fisheries. “This is another step towards our goal of creating a modern and professional organization that better serves the sportsmen of the state.”