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7mo ago

Louisiana Pioneers Cryptocurrency Payments for State Services

Residents can now use Bitcoin and other digital currencies to pay for various state services, with payments converted to U.S. dollars to mitigate volatility.

Overview

  • Louisiana has become the first U.S. state to accept cryptocurrency payments for government services, starting on September 17, 2024.
  • Residents can use Bitcoin, Bitcoin Lightning, and USD Coin to pay for state services, with the first payment processed by the Department of Wildlife and Fisheries.
  • The state collaborates with Bead Pay to convert incoming cryptocurrency payments into U.S. dollars, protecting against price volatility.
  • House Bill 488, passed in June 2024, laid the groundwork for this initiative by establishing legal protections for bitcoin users and banning Central Bank Digital Currencies for state payments.
  • Louisiana joins other states like Colorado and Florida in exploring cryptocurrency for state services, reflecting a broader trend of digital asset adoption across the U.S.