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Colorado residents can now renew their driver’s licenses and automobile registrations utilizing cryptocurrency.
The state’s Division of Motor Automobiles (DMV) now accepts cryptocurrency via PayPal for on-line funds, in line with a brand new press launch.
The DMV says it should cost a service payment of $1 plus 1.83% of the full transaction price for paying with digital belongings.
PayPal presently helps Bitcoin (BTC), Ethereum (ETH), Bitcoin Money (BCH) and Litecoin (LTC). The funds large additionally lately launched its personal stablecoin, PayPal USD (PYUSD), which goals to take care of a 1:1 peg with the US greenback.
The DMV isn’t the one Colorado state company to open its arms as much as crypto.
Final 12 months, the state’s Division of Income (CDOR) grew to become the primary within the nation to just accept digital belongings for tax funds.
State residents can use crypto to cowl particular person revenue tax, enterprise revenue tax, gross sales and use tax, withholding tax, severance tax and excise gasoline tax. The CDOR additionally makes use of PayPal and expenses a further $1.00 plus 1.83% of the cost quantity.
Colorado Governor Jared Polis stated in an interview final 12 months that the state authorities doesn’t plan to carry any crypto regardless that it’s accepting digital belongings as a type of cost.
“We can’t be within the enterprise of getting publicity to a market the place securities, together with cryptocurrencies, fluctuate.
Our bills are in {dollars} nonetheless. You by no means know what the long run brings, however all of our bills are in {dollars}, our funds acquired authorized by the legislature in {dollars}, so after we discuss accepting crypto for funds, they’d be transformed again into {dollars} for our functions.”
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Disclaimer: Opinions expressed at The Every day Hodl aren’t funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual danger, and any loses you could incur are your duty. The Every day Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please be aware that The Every day Hodl participates in internet online affiliate marketing.
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