Colorado DMV Now Accepts Crypto for Driver’s License and Vehicle Registration Renewals
Colorado residents can now conveniently renew their driver’s licenses and vehicle registrations using cryptocurrency. The state’s Department of Motor Vehicles (DMV) has announced that it accepts digital assets through PayPal for online payments. Here are the key points:
- The DMV charges a service fee of $1 plus 1.83% of the total transaction cost for crypto payments.
- PayPal supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and its own stablecoin, PayPal USD (PYUSD).
- The Colorado Department of Revenue (CDOR) also accepts digital assets for tax payments.
- Residents can cover various taxes, such as individual income tax, business income tax, sales and use tax, withholding tax, severance tax, and excise fuel tax.
- Colorado Governor Jared Polis stated that the state government doesn’t plan to hold any crypto, as its expenses are in dollars.
Hot Take: Colorado’s acceptance of cryptocurrency for driver’s license and vehicle registration renewals demonstrates the growing mainstream adoption of digital assets. By embracing crypto payments, the state government is providing a more convenient and inclusive option for its residents. This move also highlights the increasing utility and acceptance of cryptocurrencies in various sectors of the economy.
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