Louisiana Considers Accepting Cryptocurrency Payments

von Eva Fox Mai 19, 2022

Louisiana Considers Accepting Cryptocurrency Payments

Louisiana is considering accepting cryptocurrency payments. At the moment, the state is in the process of creating a committee for the introduction of cryptocurrency.

State Rep. Mark Wright, a Republican from Covington, authored House Concurrent Resolution 103, which would direct the Cash Management Review Board to set up a committee to research ways the state can use cryptocurrency and blockchain technology, reports yahoo!life. The House Appropriations Committee heard Wright's resolution Monday and reported it favorably with no objections. The concurrent resolution will need to be approved by the full house and the senate.

“Essentially we're going to look at things like the state taking payments in cryptocurrency or digital payments,” Wright said to the committee. “There's a lot of things related to this.”

Wright has filed another cryptocurrency-related bill, House Bill 170, which would allow political candidates in Louisiana to use cryptocurrency for campaign contributions. That bill is awaiting a hearing in the House and Governmental Affairs Committee.

The resolution would have the Cash Management Review Board meet as the “Louisiana Digital Assets Working Group” to research how the state could make use of the growing technology. The committee would have to submit its findings and recommendations to the Louisiana state treasurer by February 1, 2023.

The Louisiana Digital Assets Working Group will be tasked with studying how the state can use digital assets as well as the regulatory framework for cryptocurrencies. In addition, the group will look at ways to improve the business climate for technology companies—in particular, fintech companies. The group will also establish an advisory board of fintech experts. They will also be tasked with studying the work done by the Lafayette Public Innovation Alliance, a group created by the then-Lafayette City-Parish Council to look at growing the local technology economy.

“There are a lot of different areas related to this, like the mining with our energy sources,” Wright said. "Of course, the consumer aspect as well."

© 2022, Eva Fox | Tesmanian. All rights reserved.

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