The Colorado Division of Motor Vehicles (DMV) has announced that it now accepting Bitcoin and cryptocurrency as a payment option through PayPal for Coloradans to renew driver’s licenses, identification cards, and vehicle registrations.
“At the DMV, we’re always looking for ways to better serve Coloradans and leverage technology to offer our services,” said Senior Director Electra Bustle. “This new online cryptocurrency payment option is yet another way the DMV is providing innovative and convenient service delivery to our customers.”
Here’s how it works: customers just have to select the cryptocurrency payment option, and they will be redirected to PayPal, where they can choose their preferred cryptocurrency to complete the transaction. The selected cryptocurrency is then converted into dollars, covering the total amount due along with applicable fees, before being remitted to the DMV.
However, it’s important to note that there is a service fee associated with using cryptocurrency, amounting to $1 plus 1.83% of the total DMV charges. Additionally, PayPal may apply its own fees. As of now, PayPal is the sole cryptocurrency provider accepted for online DMV payments.
For those interested in learning more about this development and how to use Bitcoin or cryptocurrency for DMV transactions, you can visit the official Colorado DMV website here.