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The state of Louisiana is integrating new crypto payment options in order to reduce fraud while enhancing overall transaction security.
Key Notes
Louisiana has officially begun accepting Bitcoin and USDC stablecoin payments for state services.The state partnered with Bead Pay to facilitate these transactions, converting cryptocurrency payments to US Dollars to mitigate volatility risks.This initiative aims to enhance transaction security and reduce fraud, with the Louisiana Department of Wildlife and Fisheries being the first agency to get Bitcoin payments.In a major development, the US state of Louisiana announced that it has started accepting Bitcoin BTC $61 956 24h volatility: 3.0% Market cap: $1.22 T Vol. 24h: $48.15 B payments against state services. This is the first time that the state has become open to accepting crypto payments.
On Wednesday, September 17, Louisiana State Treasurer John Fleming announced that the state residents would have the option to pay directly from their crypto wallets using Bitcoin, the Bitcoin Lightning Network, as well as Circle’s USDC USDC $1.00 24h volatility: 0.0% Market cap: $35.55 B Vol. 24h: $8.60 B stablecoin.
As a precedence, the state also conducted its first crypto payment to the Louisiana Department of Wildlife and Fisheries by using the Bitcoin Lightning Network. In order to facilitate the crypto transactions, the State of Louisiana has partnered with Bead Pay, and other integration partners based in the state. Dr. Fleming called this initiative a crucial measure in modernizing government operations. He said:
“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.”
However, the State of Louisiana won’t be handling cryptocurrency on its own. Its channel partner Bead Pay will first convert these Bitcoin payments to US Dollars before paying the State.
This arrangement ensures that the State remains protected from the volatility associated with digital currencies. Thus, it is similar to credit or debit card payments and minimizes risks by offering secure and efficient transactions.
Louisiana Offers Crypto Payments to Reduce Fraud
The state of Louisiana is integrating new crypto payment options in order to reduce fraud while enhancing overall transaction security. Louisiana’s move to accept Bitcoin payments is part of a larger initiative to incorporate emerging technologies into public services. Speaking on the development, Louisiana State Representative Mark Wright said:
“I have been proud to author several bills related to digital assets and to Chair the State Treasurer’s task force in 2022. I’m excited to see Louisiana further expanding its payment options under Treasurer Fleming. I look forward to working with him and others so that Louisiana will continue to be a leader in accepting digital payments.”
The Louisiana Department of Wildlife and Fisheries became the first state agency to adopt the new Bitcoin payment system, with additional departments expected to follow suit.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
