CryptocurrencyBATON ROUGE, La. (Press Release) — Louisiana State Treasurer John Fleming, M.D., has unveiled a groundbreaking initiative to incorporate cryptocurrency as a BATON ROUGE, La. (Press Release) — Louisiana State Treasurer John Fleming, M.D., has unveiled a groundbreaking initiative to incorporate cryptocurrency as a
BATON ROUGE, La. (Press Release) — Louisiana State Treasurer John Fleming, M.D., has unveiled a groundbreaking initiative to incorporate cryptocurrency as a valid payment method for state services, marking a significant advancement in Louisiana’s public sector operations.
Residents of Louisiana can now use their secure cryptocurrency wallets to pay for state services. The state will accept popular cryptocurrencies including Bitcoin, Bitcoin Lightning, and USD Coin. Today, the Louisiana Department of Wildlife and Fisheries received the first cryptocurrency payment.
This innovative service converts cryptocurrency payments into U.S. dollars before depositing them into state accounts, similar to credit or debit card transactions. This approach mitigates concerns about cryptocurrency volatility and integrates 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. 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,” stated Dr. Fleming in a press release.
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.”
With Bead Pay’s advanced cryptocurrency conversion technology, both 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
Jay Sykes, CEO of Bead Pay, emphasized, “As pioneers in cryptocurrency transactions, our mission is to make these payments both efficient and secure. 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, “Expanding payment methods for our sportsmen enhances our customer service. This initiative is a step toward modernizing and professionalizing our department to better serve the state’s sportsmen.”
Bead Pay simplifies cryptocurrency acceptance for governments and businesses by handling the complexities of crypto transactions. At the point of purchase, cryptocurrency is converted into local currency, ensuring a stable and reliable payment process. Bead Pay enables seamless integration of crypto payments into e-commerce and point-of-sale systems. For more information, visit https://beadpay.io.