The southern state of Louisiana in the United States is giving serious consideration to the idea of starting to accept cryptocurrency payments
Mark Wright, a State Rep from Covington, who authored Resolution 103, is leading Louisiana’s possible acceptance of crypto. If Resolution 103 passed the state’s legislature, it would direct the Cash Management Review Board to create a committee to look into ways the state can use crypto and blockchain technology.
Details of the Crypto Push
House Current Resolution 103 went before the House Appropriations Committee on May 16, 20202 without objections. For the resolution to pass, it will need to be approved by a full house and the senate. During his presentation before the committee, Wright stated that they were looking into things the state could do such as accepting crypto payments.
Wright also filed House Bill 170, which would make it legal for those running for political office in Louisiana to receive crypto payments as campaign donations. The bill will go before the House and Governmental Affairs Committee for the initial hearing.
If the resolution passes, the Cash Management Review board would convene a committee titled the Louisiana Digital Assets Working Group. This committee would look into how the state could integrate into the crypto sector. The findings of the committee would have to be submitted to the state treasurer by February 1, 2023.
According to Wright. Crypto is a growing medium of exchange in the state, and across the US. By creating a committee of experts to look into crypto, the state could become a leader in the emerging sector.
If passed, the Louisiana Digital Assets Working Group would have to come up with ways on how the state could use digital assets. Additionally, it would look into creating a regulatory framework for the crypto sector. The working group would also look into ways to make it easier for technology, especially fintech firms to operate in the state.
As part of its work, the group would be directed to look at the work done by Lafayette Public Innovation Alliance. The alliance is a group formed by the Lafayette City-Parish Council to examine how to grow a local technology economy.
Acceptance of Crypto at the State Level
Various states around the US have begun drafting bills that are friendly to the crypto sector. For instance, Governor Jared Polis of Colorado recently announced that Colorado would soon begin accepting crypto for payment of fees and taxes. In Florida, there has also been a proposal for the state to accept payments for taxes in crypto. Acceptance of crypto has been an especially hot top for states in the western USA.
Summary
Crypto has grown in popularity in recent years mainly due to its decentralized nature. Many business leaders, and celebrities now often talk about crypto on their social media pages. However, it is worth noting this resolution has been presented before the committee at a time of extreme market volatility. In the past few days, Bitcoin has lost close to 20% of its market cap, with other coins losing much more.
