To simplify payments for motor vehicle-related transactions, the Colorado Department of Motor Vehicles will now be accepting payments in cryptocurrency via PayPal.
Colorado DMV to Accept Crypto Payments
The Colorado Department of Motor Vehicles has announced its decision to accept payments in cryptocurrency. According to DMV officials, users who want to make crypto payments can do so via PayPal, where they can select a specific cryptocurrency to pay with. The selected currency will be converted into dollars and remitted to the DMV to complete the transaction.
Sharing additional details, the department later announced that the DMV would be levying a service fee of 1% plus 1.83% of the total to commence the transaction process.
Speaking about simplifying DMV payments via crypto, Senior Director Electra Bustle shared how the department is constantly striving towards delivering a better user experience when it comes to processing transactions promptly.
“At the DMV, we’re always looking for ways to better serve Coloradans and leverage technology to offer our services… This new online cryptocurrency payment option is yet another way the DMV is providing innovative and convenient service delivery to our customers.
Bustle later shared.
In addition, the DMV statement further shares that users who use the myDMV app to access the department’s services, such as renewing their driver’s license or vehicle registration, will also be eligible to pay in cryptocurrency.
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Adoption of Cryptocurrency Payments in Colorado
Colorado has long been a staunch crypto proponent and has always embraced crypto in one form or another. The state’s mayor, Jared Polis, has played a crucial role in helping the city come to terms with the new Web3 mechanisms by organizing state events to educate the masses on the prospects and potential of blockchain technology.
Polis launched a congressional blockchain Caucus in 2016, which served as a platform for people to gain insights into emerging blockchain technology. In 2019, Polis approved the “Colorado Digital Token Act,” enabling specific cryptocurrencies to have securities exemptions.
In 2022, Colorado became the first state in the US to accept crypto as payment for its state taxes and fees.
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About the author
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
