In a move toward modern financial practices, Louisiana residents can now pay for state services using cryptocurrency.
“Louisiana has always, I think, lagged behind other states when it comes to doing things that are in modern commerce,” Louisiana state Treasurer John Fleming says, adding that he hopes to change that.
Cryptocurrency is “going to have a huge role” in the future of finance, Fleming says.
Sometimes referred to as digital currency, cryptocurrency does not require a bank account. Louisiana is now accepting bitcoin, bitcoin lightning, and USD coin payments. The first cryptocurrency payment was made to the Louisiana Department of Wildlife and Fisheries on Sept. 17. The digital currency payments are converted into dollars following the transaction, Fleming explains.
The Louisiana treasurer joins “The Daily Signal Podcast” for the third installment of the show’s money and transparency series.
In addition to explaining why the state is now accepting cryptocurrency payments, Fleming discusses his efforts to eliminate the Louisiana state income tax.
Listen to the podcast below: