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Louisiana, a state in the southern part of the United States, has made history by accepting its first cryptocurrency payment. This shows that the state is now using digital currency for government services. According to a press release, residents of Louisiana can now use Bitcoin (BTC), the Bitcoin Lightning Network, and USD Coin (USDC) to make payments for various state services.
Louisiana Recognizes the Potential Benefits of Crypto Payments
Intriguingly, a resident in Louisiana used the Bitcoin Lightning Network to pay a fine to the Louisiana Department of Wildlife and Fisheries. This network allows for faster and cheaper Bitcoin transactions. This shows that Louisiana is committed to adopting new technologies and offering more payment options for its residents.
Although the state has opened the doors to cryptocurrency payments, it is taking a cautious approach to mitigate the risks associated with digital currency volatility. As such, all crypto payments made for government services will be immediately converted into US dollars. According to Louisiana State Treasurer John Fleming, the conversion ensures the state does not face any fluctuations in the value of these assets.
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The State of Louisiana, Bead Pay, and integration partners from Louisiana worked together to integrate cryptocurrency payments into state agencies. Louisiana’s decision may encourage other states to consider similar steps. Notably, this further legitimizes digital currencies’ role in the public sector.
Mercari’s Subsidiary to Host BTC Payments
Recall that Japan’s e-commerce powerhouse, Mercari, set its sights on accepting Bitcoin payments starting June 2024. According to reports, Melcoin, the company’s Tokyo-based blockchain subsidiary, will host BTC payments. While prices on Mercari are displayed in Japanese yen, app users can select BTC as a payment option.
Furthermore, Melcoin’s objective is to function as a mediator, simplifying the BTC transfer process to the vendor in Japanese yen. It will also levy transaction fees on par with those imposed in transactions carried out using fiat currency. The company is poised to tap into the growing global trends toward cryptocurrency adoption, by incorporating BTC into its payment option.
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Growing Adoption of Digital Assets
Crypto stakeholders consider this development noteworthy, given that digital assets are beginning to gain traction in real-world use. As reported by Coinrise in 2021, Tesla also commenced accepting Bitcoin payments for its products in March but later suspended it. Although it hinted at a possible reconsideration, the electric car manufacturer remains silent.
Meanwhile, in the broader cryptocurrency space, the adoption continues with partnership deals sealed regularly. Recently, the collaboration between Binance and Mastercard makes it possible for users to make cryptocurrency payments and deposits.
