Louisiana Accepts Its First Crypto Payment as Bitcoin Rights Bill Takes Effect

Louisiana has accepted its first crypto payment following the enactment of the Bitcoin Rights bill in June. The State Department of Treasury announced that the crypto payment was made to the Louisiana Department of Wildlife and Fisheries.

Louisiana has reportedly processed its first cryptocurrency payment after the state legislature passed the Bitcoin Rights bill earlier this year.

According to a press release shared with Bitcoin Magazine on August 29, the Louisiana State Department of Treasury announced that a crypto payment was made to the Louisiana Department of Wildlife and Fisheries.

The state also outlined plans for the full integration of cryptocurrency into public operations, allowing residents to pay for state services directly from their crypto wallets.

Paying For Services In Louisiana Just Got Easier With Crypto Wallets

In a Tuesday press release, Louisiana State Treasurer John Fleming, MD, announced that “Louisiana residents will now have the option to pay for state services from their private, secure crypto wallets.”

The state will accept payments from residents in cryptocurrencies like Bitcoin, Bitcoin Lighting, and USD Coin, among others, as part of the initiative.

Earlier this year, Louisiana set the stage for Bitcoin adoption and integration after Governor Jeff Landry signed House Bill 488 into law, protecting Bitcoin rights and banning a potential CBDC (Central Bank Digital Currency).

With strong bipartisan support from the House (103-0) and the Senate (36-0), the bill was unstoppable, signaling Louisiana’s unanimous pro-Bitcoin stance. By extension, the bill guaranteed state residents the freedom to buy and trade bitcoin as well as mine and custody the crypto.

Following the state’s first crypto payment, State Treasurer Dr. Fleming stated that Louisiana “is not just innovating” by introducing crypto as a form of payment, but offering its citizens the “flexibility and freedom” they need to engage with the state services.

“This move aligns with our commitment to advancing Louisiana and embracing new technologies that enhance the lives of our people,” he added.

Louisiana Partners With Bead Pay To Power Statewide Crypto Payment Systems

To facilitate the integration of crypto payments in the state, Louisiana has teamed up with Bead Pay, a digital asset network that bridges crypto and digital wallets.

The firm’s technology creates a secure network that allows for seamless payments, according to the State Treasury.

Working with Bead Pay will also help control the number of fraudulent transactions, handle the problem of crypto price volatility, and absolve the state of the responsibility of handling crypto transactions, the department added.

In addition, residents can use any crypto wallet of their choice while the state will receive the payments directly in US 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,” said Jay Sykes, CEO of Bead Pay.

“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.”

Louisiana State Representative Mark Wright is credited with championing the House Bill 488 which finally opened the door to statewide Bitcoin acceptance and integration.

“I have been proud to author several bills related to digital assets and to Chair the State Treasurer’s task force in 2022,” said Wright. “I’m excited to see Louisiana further expanding its payment options under Treasurer Fleming.”

The above is the detailed content of Louisiana Accepts Its First Crypto Payment as Bitcoin Rights Bill Takes Effect. For more information, please follow other related articles on the PHP Chinese website!