The southeastern U.S. state of Louisiana accepted its first cryptocurrency payment for government services. The transaction was made via the Lightning Network, Bitcoin’s L2 protocol.
Residents of Louisiana officially gained the ability to pay for state services using cryptocurrency. On September 17, State Treasurer John Fleming announced that the first crypto payment was made by a local resident to settle a fine with the Louisiana Department of Wildlife and Fisheries. This payment was processed through the Lightning Network protocol.
Fleming emphasized that the cryptocurrency payment was converted into U.S. dollars and deposited into the state account through a unique service, allowing residents to use crypto wallets just like credit or debit cards. To pay for government services, state residents can use Bitcoin (BTC) and the USD Coin (USDC) stablecoin.
The innovation is made possible through a partnership between local authorities and Bead Pay, a digital payment solutions provider, along with several local financial organizations. According to Fleming, Bead Pay plays a key role in ensuring the security and flexibility of crypto payments. The state treasurer also mentioned that Louisiana officials won’t store cryptocurrency in their accounts — all crypto payments from citizens will be converted to fiat upon receipt of funds before being credited to state accounts.
The state’s progressive stance is reflected in its openness to new technologies. In June this year, the government of Louisiana adopted amendments to local legislation, allowing payments with digital assets but banning the development, testing, and use of a central bank digital currency (CBDC).
Americans expressed concerns about the establishment of CBDCs in the country, a sentiment shared by some local officials as well.
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