Coloradans seeking to renew a driver license or vehicle registration online have a new payment option — cryptocurrency.
The Colorado Division of Motor Vehicles announced Thursday the agency was pleased to say myDMV is now accepting cryptocurrency through PayPal for online payments.
“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. “This new online cryptocurrency payment option is yet another way the DMV is providing innovative and convenient service delivery to our customers.”
Coloradans can now select PayPal cryptocurrency as a payment option when paying for driver license, identification card, vehicle registration or other DMV services online.
Those who choose to pay with cryptocurrency will be directed to PayPal, where they can select a specific cryptocurrency to use for the payment. A sufficient amount of cryptocurrency to cover the transaction and fees is then converted to dollars and remitted to the DMV to complete the online transaction.
There is a service fee of $1 plus 1.83% of the DMV total for paying in cryptocurrency. Paypal fees may apply as well.
PayPal is the only cryptocurrency wallet being accepted at this time.
According to their website, Paypal’s crypto wallet currently only supports five cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and the new PayPal stablecoin, PayPal USD (PYUSD). CoinMarketCap reports that there are approximately 22,932 cryptocurrencies, with a total market capitalization of $1.1 trillion.
For more information, please visit the DMV’s page on crypto payments: Cryptocurrency