Colorado DMV Now Accepts Cryptocurrency for Online Services
LAKEWOOD, Colo. — The Colorado Department of Motor Vehicles announced Thursday it now accepts cryptocurrency for online services.
“At the DMV, we’re always looking for ways to better serve Coloradans and leverage technology to offer our services,” Senior Director Electra Bustle said in a statement. “This new online cryptocurrency payment option is yet another way the DMV is providing innovative and convenient service delivery to our customers.”
Coloradans who use myDMV for online services, such as renewing a driver license or vehicle registration, can pay with cryptocurrency through PayPal.
According to DMV officials, those who want to pay with cryptocurrency will be directed to PayPal, where they can select a specific currency to use. The currency will be converted to dollars and remitted to the DMV to complete the transaction, according to the department.
There is a service fee of $1 plus 1.83% of the DMV total, according to the department. PayPal fees may also apply to the transaction.
The DMV is only accepting cryptocurrency payments through PayPal at this time.
Colorado’s Cryptocurrency-Friendly Initiatives
Colorado Governor Jared Polis has been a major proponent of the use of cryptocurrency in the state.
Polis launched the Congressional Blockchain Caucus in 2016, which serves as a platform where government can study blockchain technology and Congress’ role in its progress.
In 2019, the governor passed the Colorado Digital Token Act, which allows certain cryptocurrencies to have securities exemptions.
And in summer 2022, Colorado became the first state to accept cryptocurrency as payment of state taxes and fees.
For more information on the DMV’s acceptance of cryptocurrency, click here.