Louisiana announced to accept Bitcoin payments against state services in a major push toward BTC adoption. The first such payment happened on Wednesday to the Louisiana Department of Wildlife and Fisheries today.
The US State of Louisiana announced to start accepting Bitcoin payments against state services starting Wednesday, September 18. Lousiana State Treasurer, John Fleming stated that they have entered into a collaboration with Bead Pay and other integration partners to facilitate crypto payments. This development could set the stage for other US states like Wyoming and Massachusetts to implement crypto payments for state services.
The first Bitcoin payment was made to the Louisiana Department of Wildlife and Fisheries on Wednesday. According to Fleming, this initiative marks a significant step toward modernizing government operations and providing citizens with greater flexibility in interacting with state services.
“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,” he said.
However, the State of Louisiana will not directly handle cryptocurrency. Instead, Bead Pay will convert the Bitcoin payments to US Dollars. Apart from Bitcoin, Louisiana state residents will also be able to pay in USD coins (USDC), directly from their crypto wallets.
This partnership with Bead Pay ensures that the state is protected from the crypto market volatility. The recent market volatility shot up as the Federal Reserve announced 50 bps rate cut on Wednesday, the first time in four years.
The Louisiana State expects that the new Bitcoin payment option will reduce fraud and boost overall transaction security.
Lawmakers, especially from the Republican camp have been warming up to crypto after Donald Trump’s major push for the industry. Earlier this week, the Republican Presidential nominee launched his DeFi crypto project World Liberty Financial.
Wyoming Senator Cynthia Lummis recently raised concerns over the SEC’s overreach of the crypto industry. While the Democrats have been calling crypto legislation FIT 21 and the proposed rollback of SAB 121 as the work of “extreme MAGA Republicans,” Lummis stated that wait until we have Bitcoin as a strategic Reserve.
Spooky… “extreme MAGA Republican” looking to address agency overreach in an esoteric accounting bulletin with bipartisan majorities in both House and Senate.
Wait til they hear about the Bitcoin Strategic Reserve. https://t.co/D3MKBF7wlg
— Cynthia Lummis ? (@CynthiaMLummis) September 19, 2024
Last month at the Bitcoin conference, Cynthia Lummis unveiled a major pro-Bitcoin bill. Thus, it is likely that Wyoming would follow in the footsteps of integrating Bitcoin payments for state services in the future.
Another major state to watch out for this year’s Presidential Elections is Massachusetts, as pro-crypto lawyer John Deaton takes on anti-crypto Senator Elizabeth Warren. Deaton has been fighting for the crypto cause for a long and recently slammed Senator Warren for lobbying for banks.
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