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Colorado residents can now renew their driver’s licenses and automobile registrations utilizing cryptocurrency.
The state’s Division of Motor Autos (DMV) now accepts cryptocurrency by way of PayPal for on-line funds, in accordance with a new press release.
The DMV says it should cost a service price of $1 plus 1.83% of the overall transaction value for paying with digital belongings.
PayPal at the moment helps Bitcoin (BTC), Ethereum (ETH), Bitcoin Money (BCH) and Litecoin (LTC). The funds big additionally not too long ago launched its personal stablecoin, PayPal USD (PYUSD), which goals to keep up 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 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 prices an extra $1.00 plus 1.83% of the fee quantity.
Colorado Governor Jared Polis mentioned in an interview final 12 months that the state authorities doesn’t plan to carry any crypto though it’s accepting digital belongings as a type of fee.
“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 finances obtained authorized by the legislature in {dollars}, so once we speak about accepting crypto for funds, they might be transformed again into {dollars} for our functions.”
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Disclaimer: Opinions expressed at The Every day Hodl are usually not 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 personal threat, and any loses it’s possible you’ll incur are your duty. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Every day Hodl an funding advisor. Please word that The Every day Hodl participates in internet online affiliate marketing.
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