DENVER — Coloradans looking to renew their driver's license or vehicle registration online now have a new payment option: cryptocurrency.
The Colorado Division of Motor Vehicles (DMV) announced Thursday that myDMV now accepts cryptocurrency through PayPal for online payments.
According to a press release, Coloradans can now select PayPal cryptocurrency as a payment option when paying for driver license, identification card, vehicle registration or other DMV services online.
“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 in a news release. “This new online cryptocurrency payment option is yet another way the DMV is providing innovative and convenient service delivery to our customers.”
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, the release says.
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 provider being accepted at this time.
For more information, people are asked to go to DMV.Colorado.gov/Cryptocurrency.
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