- The Louisiana Department of Wildlife and Fisheries became the first state agency in the US to accept crypto payments.
- The crypto payment was completed through the Bitcoin Lightning Network.
- According to Louisiana State Treasurer John Fleming, the money received by Louisiana’s state government will be converted to fiat currency.
Louisiana now accepts Bitcoin ($BTC) payments, marking a milestone for integrating crypto into government services. The development aims to strengthen the state’s financial infrastructure.
Read on to learn more about Louisiana’s step toward crypto integration and how the state’s politicians recognize the value of digital assets.
Louisiana Makes History With Its First-Ever Crypto Payment
The Louisiana Department of Wildlife and Fisheries accepted its first crypto payment for a fine. Per the September 17 press release, Louisianians can now pay for state services with $BTC and $USDC.
The state government will integrate Bead Pay to enhance transaction security. Payments received by the government of Louisiana will be converted from crypto into US dollars.
Fleming stated that Louisianians and other Americans are really interested in digital currency as long as it’s not government-controlled.
Potential Impact on Louisiana’s Financial Infrastructure
Fleming sees growing confidence in digital technology, estimating the crypto market to reach $7.5T by 2028.
Fleming envisions implementing blockchain technology to strengthen Louisiana’s financial infrastructure and possibly establishing an example for other states in the US to seek innovation in government operations.
The news has already sparked excitement. The Republican State Representative Mark Wright, who previously spearheaded the move for Louisiana to accept crypto, was thrilled to see the development.
In May 2022, Wright established a Louisiana Digital Assets Working Group to study the regulatory framework for crypto and how the state can make use of digital assets.
Wright also led a 2021 House resolution that praised $BTC creator Satoshi Nakamoto ‘for his contribution to economic security.’
The Big Picture
Louisiana’s regulatory approach has come a long way. Accepting crypto payments for government services is a landmark event.
Will other states follow Louisiana’s example? We’ll have to wait and see.
References
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