Colorado DMV Now Accepts Crypto Payments via PayPal for Driver's License and Vehicle Registration Renewals
Colorado Now Allows Crypto Payments via PayPal for Driver's License and Vehicle Registration Renewals
The Colorado Department of Motor Vehicles (DMV) has introduced cryptocurrency payment options via PayPal, according to a recent press release. Users of this service are subject to a fee of $1 plus 1.83% of the total transaction amount for digital asset payments.
PayPal currently supports various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Furthermore, PayPal has introduced its stablecoin, PayPal USD (PYUSD), aiming to maintain a 1:1 peg with the US dollar.
It is noteworthy that the DMV is not the only Colorado state agency adopting cryptocurrency. In the previous year, the Colorado Department of Revenue (CDOR) became the first in the nation to accept digital currencies for tax payments. State residents can utilize crypto for covering various taxes such as individual income tax, business income tax, sales and use tax, withholding tax, severance tax, and excise fuel tax. CDOR also relies on PayPal, accompanied by an additional fee of $1.00 plus 1.83% of the payment amount.
Colorado Governor Jared Polis emphasized in a prior interview that while the state government accepts cryptocurrencies for payments, it does not intend to retain any crypto assets. He emphasized that the state's expenses are denominated in dollars, and any crypto payments would be promptly converted back into dollars due to the volatile nature of digital assets.
Sep 03, 2023
