BATON ROUGE, La. (press release) — Louisiana State Treasurer John Fleming, M.D., has unveiled an initiative to incorporate cryptocurrency as a valid payment method for state services, marking a change in Louisiana’s public sector operations this week.
Residents of Louisiana can now use their cryptocurrency wallets to pay for state services. The state will accept popular cryptocurrencies including Bitcoin, Bitcoin Lightning and USD Coin. On Sept. 17, the Louisiana Department of Wildlife and Fisheries received the first cryptocurrency payment.
This service converts cryptocurrency payments into U.S. dollars before depositing them into state accounts, similar to credit or debit card transactions. The approach is aimed at mitigating concerns about cryptocurrency volatility and integrate new technology into the state’s operational framework.
“In today’s digital era, it’s crucial for government systems to adapt and leverage new technologies,” stated Dr. Fleming in a press release. “By accepting cryptocurrency payments, we are not only enhancing innovation but also offering our citizens greater flexibility and choice. This development ensures our state can benefit from the latest advancements while safeguarding against cryptocurrency volatility.”
Dr. Fleming told Biz via email, “Louisiana is in the beginning stages of modernizing our economy, while promoting economic freedom for our citizens. It started with recognizing gold as legal tender. Now we are accepting cryptocurrency as payment of fees. This development follows the passage of a legislative resolution by State Representative Mark Wright (R-Covington) and a recommendation by a study group that Louisiana citizens be allowed to use cryptocurrency, digital wallet, or electronic payment since it involved little to no risk to the state.” He added, “We have much more to accomplish in the future to achieve a fully modern and functional economy including a pro-growth tax policy and insurance reform.”
The integration of cryptocurrency payments is the result of a collaboration between the State of Louisiana, Bead Pay—a cryptocurrency payment specialist—and local integration partners.
State Representative Mark Wright (R-Covington), a long-time advocate for digital asset legislation, remarked, “I’m thrilled to see Louisiana expanding its payment options under Treasurer Fleming’s leadership. Having authored several bills on digital assets and chaired the State Treasurer’s task force in 2022, I’m excited for Louisiana to continue leading in digital payment adoption.”
Bead Pay’s cryptocurrency conversion technology promises residents and state agencies will benefit from:
- Reduced risk of fraudulent transactions
- No direct handling of cryptocurrency by the state
- Protection from cryptocurrency price volatility
- Acceptance of any digital wallet with cryptocurrencies
- Payments processed in U.S. Dollars
“As pioneers in cryptocurrency transactions, our mission is to make these payments both efficient and secure,” said Jay Sykes, CEO of Bead Pay. “We’re dedicated to overcoming traditional barriers like volatility and fraud, ensuring reliable government transactions.”
Madison Sheahan, secretary of the Louisiana Department of Wildlife and Fisheries added that expanding payment methods for sportsmen enhances the organization’s customer service.
“This initiative is a step toward modernizing and professionalizing our department to better serve the state’s sportsmen.”
