The US state of Louisiana on the south coast announces that its services can now be paid for with crypto assets.
According to a new press release, the Louisiana government is partnering with software company Envoc and crypto payments platform Bead Pay to revolutionize the way payments for state services are made.
Louisiana residents can now start using digital assets and crypto wallets to pay for state services starting in early September, although no specific date has been given.
The project will allow citizens to convert crypto into US dollars in real time to address concerns about price volatility of digital assets as the government would receive payments in fiat currency. Moreover, transactions would be faster, more secure and more flexible.
According to Louisiana Treasurer John Fleming, the digital assets that will be accepted include the top crypto assets by market cap Bitcoin (BTC), Bitcoin Lightning and prominent stablecoin USDC.
Says Fleming,
“In today’s digital age, government systems must evolve and embrace new technologies. By introducing cryptocurrency as a payment option, we are not only innovating; we offer our citizens flexibility and freedom in interacting with state services. Furthermore, this unique innovation protects our state from any volatility related to cryptocurrency.”
The first agency within the state to implement the crypto payment system will be the Department of Wildfire and Fisheries. According to Fleming, the first payment to the department has already been made.
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Generated image: Midjourney