JUST IN: GOP-Led State Government Now Accepts Cryptocurrency Payments

Louisiana State Treasurer, John Fleming, M.D. announced the state government plans to accept cryptocurrency as a valid form of payment.

“Louisiana residents will now have the option to pay for state services from their private, secure crypto wallets. These popular types of cryptocurrencies will be accepted: Bitcoin, Bitcoin Lightning, and USD Coin. In fact, the first cryptocurrency payment was made today to the Louisiana Department of Wildlife and Fisheries,” a press release read.

“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. Additionally, this unique innovation protects our state from any volatility associated with cryptocurrency,” Fleming said.

LOUISIANA STATE GOVERNMENT ACCEPTS FIRST CRYPTOCURRENCY PAYMENThttps://t.co/C9NqQbpEyo

Louisiana State Treasurer, John Fleming, M.D. announces an innovative transition with state government’s plan to accept cryptocurrency as a valid form of payment. pic.twitter.com/b9B0OK7Al9

— John Fleming, MD Louisiana State Treasurer (@LATreasury) September 18, 2024

Cointelegraph reports:

Fleming said Louisiana’s acceptance of crypto payments results from a collaboration between the state, Bead Pay, and integration partners based in the state, which he says would result in a “decrease in the number of fraudulent transactions.”

“In today’s digital age, government systems must evolve and embrace new technologies,” he said.

“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.”

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Fleming was quick to note that the money received by the government will still be in fiat, as the service converts the crypto payments into US dollars, adding it “protects the state from previous worries about accepting cryptocurrency.”

“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. 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,” said Jay Sykes, Chief Executive Officer of Bead Pay.

“Offering our sportsmen more ways to interact with our department allows for us to enhance our customer service. This is another step towards our goal of creating a modern and professional organization that better serves the sportsmen of the state,” Louisiana Department of Wildlife and Fisheries Secretary Madison Sheahan said.

BREAKING: Louisiana state government now accepts #Bitcoin as payment. pic.twitter.com/pXO8Lya59x

— Bitcoin Magazine (@BitcoinMagazine) September 18, 2024

“Bead Pay facilitates cryptocurrency acceptance for governments and businesses, removing the complexities of holding, converting, or understanding crypto. At the time of purchase, crypto is converted to local currency, ensuring the total payment amount is received with no price volatility. Bead Pay enables third parties to integrate crypto payments into their e-commerce and point-of-sale payment platforms,” the press release added.

The Louisiana state government is now accepting crypto payments from residents for state services.https://t.co/jYkmghVYIs

— Cryptonews.com (@cryptonews) September 19, 2024

From Plaquemine Post South:

The integration of cryptocurrency payments into state agencies results from a collaborative effort between the State of Louisiana, Bead Pay, a specialist in cryptocurrency payments, and Louisiana-based integration partners. By leveraging Bead Pay, a unique provider of cryptocurrency conversion of point-of-sale payments, both residents and state government will glean the following benefits:

• Decrease in the number of fraudelent transactions
• The State of Louisiana will not handle cryptocurrency
• Cryptocurrency price volatility is avoided
• Any digital wallet with cryptocurrencies can be used
• The state receives payments in US Dollars

This is a Guest Post from our friends over at 100 Percent Fed Up.

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