Dive into the new wave of technological convenience! The Colorado DMV now embraces cryptocurrency payments, allowing residents to renew their driver's licenses and vehicle registrations online using virtual currencies via PayPal.
Contents
Colorado DMV Enables Virtual Currency Payments via PayPal
The Department of Motor Vehicles (DMV) in Colorado, USA, has recently started to accept cryptocurrency payments for the online renewal of driver's licenses and vehicle registrations.
For those unfamiliar, DMVs are institutions set up across US states to oversee vehicular activities such as driving license exams and car registrations.
According to an official announcement on August 31, 2023, the Colorado DMV has enabled "cryptocurrency payments through PayPal" for its online transactions.
This new development means that locals can now make payments for various DMV services online, such as driving licenses, identification cards, and vehicle registrations, using cryptocurrencies through PayPal.
Supported Cryptocurrencies for Payment
While the exact list of supported cryptocurrencies has not been disclosed, it's speculated that since PayPal supports the following digital assets, payments can be made using:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- PayPal USD (PYUSD)
Please note, payments made in cryptocurrency will incur a "1 dollar + 1.83% of the total payment amount as a fee." Additionally, there might be instances where PayPal's own transaction fees apply.
It's been mentioned that payments made in cryptocurrencies will be converted to dollars before being transferred to the DMV.
Comments from DMV's Senior Director
Electra Bustle, the Senior Director at the DMV, remarked, "The DMV is always looking for ways to leverage technology to offer better services."
She further added, "The newly introduced cryptocurrency payment option represents one of the innovative and convenient methods the DMV employs to serve its customers."
Furthermore, Colorado has been proactive in adopting cryptocurrency payments.
Reports from September 2022 highlight that "individual income tax, business income tax, sales tax, use tax, withholding tax, retirement tax, and fuel tax" can also be paid using virtual currencies.
-
Venmo Now Supports PayPal's USD Stablecoin PYUSD: Everything You Need to Know
Exciting news for Venmo users and stablecoin enthusiasts! Venmo has officially started supporting PayPal's branded USD-pegged stablecoin, PYUSD, opening new financial possibilities for its users. Read our detailed guide to understand the implications of this groundbreaking move, the participating platforms, and how you can maximize your crypto dealings using PYUSD on Venmo. Contents1 PYUSD Becomes Available on Venmo2 Supported Exchanges and Wallets PYUSD Becomes Available on Venmo PayPal announced on September 20, 2023, that its branded US Dollar-pegged stablecoin, PayPal USD (PYUSD), is now available on Venmo. PYUSD is issued by the Paxos Trust Company and is designed to have ...
続きを見る