Colorado residents can now renew their driver’s licenses and automobile registrations utilizing cryptocurrency.
The state’s Division of Motor Autos (DMV) now accepts cryptocurrency via PayPal for on-line funds, based on a brand new press launch.
The DMV says it is going to cost a service payment of $1 plus 1.83% of the entire transaction price for paying with digital property.
PayPal at present helps Bitcoin (BTC), Ethereum (ETH), Bitcoin Money (BCH) and Litecoin (LTC). The funds large additionally 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 12 months, the state’s Division of Income (CDOR) turned the primary within the nation to just accept digital property for tax funds.
State residents can use crypto to cowl particular person earnings tax, enterprise earnings tax, gross sales and use tax, withholding tax, severance tax and excise gasoline tax. The CDOR additionally makes use of PayPal and fees an extra $1.00 plus 1.83% of the fee quantity.
Colorado Governor Jared Polis stated in an interview final 12 months that the state authorities doesn’t plan to carry any crypto though 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 long run brings, however all of our bills are in {dollars}, our funds acquired accepted by the legislature in {dollars}, so once we discuss accepting crypto for funds, they’d be transformed again into {dollars} for our functions.”
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