Colorado residents can now renew their driver’s licenses and car registrations utilizing cryptocurrency.
The state’s Division of Motor Autos (DMV) now accepts cryptocurrency by way of PayPal for on-line funds, in line with a new press release.
The DMV says it’s going to cost a service charge of $1 plus 1.83% of the overall transaction value for paying with digital property.
PayPal presently helps Bitcoin (BTC), Ethereum (ETH), Bitcoin Money (BCH) and Litecoin (LTC). The funds big additionally just lately launched its personal stablecoin, PayPal USD (PYUSD), which goals to take care of a 1:1 peg with the US greenback.
The DMV isn’t the one Colorado state company to open its arms as much as crypto.
Final yr, the state’s Division of Income (CDOR) turned the primary within the nation to accept digital property for tax funds.
State residents can use crypto to cowl particular person revenue tax, enterprise revenue tax, gross sales and use tax, withholding tax, severance tax and excise gasoline tax. The CDOR additionally makes use of PayPal and fees a further $1.00 plus 1.83% of the fee quantity.
Colorado Governor Jared Polis stated in an interview final yr that the state authorities doesn’t plan to carry any crypto although it’s accepting digital property as a type of fee.
“We can’t be within the enterprise of getting publicity to a market the place securities, together with cryptocurrencies, fluctuate.
Our bills are in {dollars} nonetheless. You by no means know what the longer term brings, however all of our bills are in {dollars}, our price range bought authorised by the legislature in {dollars}, so after we discuss accepting crypto for funds, they’d be transformed again into {dollars} for our functions.”
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