The Colorado Department of Motor Vehicles (DMV) has announced it accepts cryptocurrency for its online services via the payment processor Paypal. Besides paying local taxes with coins, residents of the crypto-friendly state will be able to use their digital cash to renew driver’s licenses and plates.
Colorado Introduces Online Payments With Crypto at the DMV
People in Colorado who use the online services of the state’s Department of Motor Vehicles, like renewing a driver’s license or vehicle registration, can now pay with cryptocurrency through the popular payment platform Paypal, the Denver 7 TV channel reported.
Those who chose to pay with crypto will be directed to Paypal, where they can select the digital currency they want to use which will then be converted to U.S. dollars and eventually transferred to the department, DMV officials explained.
“At the DMV, we’re always looking for ways to better serve Coloradans and leverage technology to offer our services,” Senior Director Electra Bustle emphasized in a statement quoted on Thursday. The executive further elaborated:
This new online cryptocurrency payment option is yet another way the DMV is providing innovative and convenient service delivery to our customers.
A service fee of $1 plus 1.83% of the DMV total will be applicable to payments made with cryptocurrencies, the department noted. The DMV is currently accepting crypto transactions only through Paypal which can apply its own fees.
Colorado has been open towards cryptocurrency adoption. Under Governor Jared Polis, it started accepting crypto as payment of state taxes and fees in the summer of 2020. The Colorado Digital Token Act, which allows certain cryptocurrencies to have securities exemptions, was passed the previous year.
Do you expect other states to introduce crypto payments for taxes and services? Tell us in the comments section below.