Colorado Enables Crypto Payments via PayPal for Driver’s License and Vehicle Registration Renewals
Colorado residents can now renew their driver’s licenses and vehicle registrations using cryptocurrency.
The state’s Department of Motor Vehicles (DMV) now accepts cryptocurrency through PayPal for online payments, according to a new press release.
The DMV says it will charge a service fee of $1 plus 1.83% of the total transaction cost for paying with digital assets.
PayPal currently supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). The payments giant also recently launched its own stablecoin, PayPal USD (PYUSD), which aims to maintain a 1:1 peg with the US dollar.
The DMV isn’t the only Colorado state agency to open its arms up to crypto.
Last year, the state’s Department of Revenue (CDOR) became the first in the nation to accept digital assets for tax payments.
State residents can use crypto to cover individual income tax, business income tax, sales and use tax, withholding tax, severance tax and excise fuel tax. The CDOR also uses PayPal and charges an additional $1.00 plus 1.83% of the payment amount.
Colorado Governor Jared Polis said in an interview last year that the state government doesn’t plan to hold any crypto even though it’s accepting digital assets as a form of payment.
“We cannot be in the business of having exposure to a market where securities, including cryptocurrencies, fluctuate.
Our expenses are in dollars still. You never know what the future brings, but all of our expenses are in dollars, our budget got approved by the legislature in dollars, so when we talk about accepting crypto for payments, they would be converted back into dollars for our purposes.”
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