Louisiana State Treasurer John Fleming announced that the state is now accepting cryptocurrency as a valid form of payment. This move allows the integration of digital currency into Louisiana’s public operations.
The Louisiana Department of Treasury said that residents will now have the option to pay for state services from their private, secure crypto wallets. The first payment using cryptocurrency was made to the Louisiana Department of Wildlife and Fisheries.
“Offering our sportsmen more ways to interact with our department allows for us to enhance our customer service. This is another step towards our goal of creating a modern and professional organization that better serves the sportsmen of the state,” said Secretary Madison Sheahan of the Louisiana Department of Wildlife and Fisheries.
When a payment is made via cryptocurrency, the state uses Bead Pay, a specialist in cryptocurrency payments, to convert incoming cryptocurrency payments, depositing U.S. dollar amounts into state government accounts like a credit or debit card transaction. The state treasurer said this service protects the state from previous worries about accepting cryptocurrency and promotes the adoption of new technologies in the state’s infrastructure.
“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,” Fleming said.
The integration of cryptocurrency payments into state agencies results from a collaborative effort between the State of Louisiana, Bead Pay, and Louisiana-based integration partners.
In a press release, the Treasury Department highlighted the benefits of using Bead Pay:
- Decrease in the number of fraudulent transactions;
- Cryptocurrency price volatility is avoided;
- Any digital wallet with cryptocurrencies can be used; and
- The state receives payments in U.S. dollars.
“As one of the pioneers in the realm of cryptocurrency transactions, our role is to ensure these payments are not only efficient but also secure. We’re focused on removing the traditional barriers associated with cryptocurrency, such as volatility and fraud risks, making it a reliable option for government transactions,” said Jay Sykes, CEO of Bead Pay.
