1. BITBILIHome
  2. Article

Colorado Division of Motor Vehicles (DMV) partners with PayPal to accept crypto as a form of payment

• 92 views

TL;DR Breakdown

  • The Colorado Division of Motor Vehicles (DMV) has become the first government agency in the state to accept cryptocurrency as payment for online services like driver’s licenses and vehicle registrations.
  • To enable this, the DMV has partnered with PayPal, which will handle the cryptocurrency transactions by converting digital assets into dollars. A service fee will be applied for using this payment method.

Description

The Colorado Division of Motor Vehicles (DMV) has started accepting cryptocurrency as a form of payment for its online services. This initiative makes the DMV the first government agency in the state to embrace digital assets for financial transactions. PayPal crypto enables payments for driver’s licenses and vehicle registrations To facilitate this new payment option, … Read more

The Colorado Division of Motor Vehicles (DMV) has started accepting cryptocurrency as a form of payment for its online services. This initiative makes the DMV the first government agency in the state to embrace digital assets for financial transactions.

PayPal crypto enables payments for driver’s licenses and vehicle registrations

To facilitate this new payment option, the DMV said it has partnered with PayPal, which will act as the sole payment provider for cryptocurrency transactions. Customers seeking to pay for services like driver’s licenses and vehicle registrations can now opt to use PayPal’s crypto payment feature. 

Upon selection, PayPal will convert the chosen cryptocurrency into dollars and forward the payment to the DMV. A service fee of $1 plus 1.83% of the total DMV transaction will be applied when opting for cryptocurrency payments. Additional PayPal fees may also be incurred.

“At DMV, we’re always looking for ways to better serve Coloradans and leverage technology to offer our services, This new online cryptocurrency payment option is yet another way the DMV is providing innovative and convenient service delivery to our customers.”

Electra Bustle, senior director of the DMV

Colorado continues to lead in governmental adoption of cryptocurrency

This is not Colorado’s first foray into the world of digital assets. The state was the first to accept cryptocurrency for tax payments, also facilitated through PayPal.  Moreover, Colorado has been a pioneer in implementing blockchain technology for governmental infrastructure since 2019, following the passage of the state’s Cyber Coding Cryptology for State Records Act.  The city of Denver even conducted the first U.S. election using blockchain technology for overseas ballots.

While the adoption of cryptocurrency for tax payments in Colorado has reportedly been slow, the DMV’s new initiative could catalyze broader acceptance of digital assets in governmental transactions.

The move comes as other states, including California, Florida, and New York, are considering similar payment options. The DMV’s decision to accept cryptocurrency payments aligns with Colorado’s ongoing efforts to be at the forefront of technological innovation in governance. It also highlights the increasing role of third-party financial platforms like PayPal in facilitating the integration of digital assets into mainstream financial systems.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Colorado Division of Motor Vehicles (DMV) partners with PayPal to accept crypto as a form of payment

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月2日 05:43
Next 2023年9月2日 06:44

Related articles

  • Grayscale CEO Advocates for Balanced Crypto Regulation to Foster Innovation

    TL;DR Breakdown Sonnenshein warns that the SEC’s piecemeal approach to crypto regulation, which often involves court cases, could stifle U.S. innovation and drive crypto firms abroad. He advocates for distinct definitions for e-currency commodities and securities and expresses optimism about Congress’s efforts to provide regulatory clarity, especially concerning Bitcoin ETFs. Description In a recent interview with Fox Business, Grayscale Investments CEO Michael Sonnenshein expressed concerns about the current regulatory approach of the U.S. Securities and Exchange Commission (SEC) towards the cryptocurrency industry. Sonnenshein emphasized the potential repercussions for the U.S. economy if the SEC persists in its piecemeal approach to crypto regulation. Contents hide 1 The … Read more In a recent interview with Fox Business, Grayscale Investments CEO Michael Sonnenshein expressed concerns about the current regulatory approach of the U.S. Securities and Exchange Commission (SEC) towards the cryptocurrency industry. Sonnenshein emphasized the potential repercussions for the U.S. economy if the SEC persists in its piecemeal approach to crypto regulation. Contents hide 1 The SEC’s Enforcement Actions Could Stifle U.S. Innovation 2 The Need for Clearer Regulatory Definitions and Guidelines…

    Article 2023年8月14日

  • ETF assets in Australia soar, breach $100 billion

    TL;DR Breakdown  Australian ETF industry hits record high, reaching A$150b ($102b) in H1 2023. Growth rate surpasses Betashares’ forecasts; the provider predicts these assets could hit A$160b by year end. About 70% of the industry’s growth was due to market appreciation; new money in H1 2023 totaled A$4.8b, slightly lower than H1 2022. Description A surge in the asset values of exchange-traded funds (ETFs) in Australia has taken the industry to new heights, breaching the $100 billion mark in the first half of this year. Defying earlier predictions and setting an all-time record, the ETF industry in the country has exhibited an explosive growth pace, dwarfing other local fund … Read more A surge in the asset values of exchange-traded funds (ETFs) in Australia has taken the industry to new heights, breaching the $100 billion mark in the first half of this year. Defying earlier predictions and setting an all-time record, the ETF industry in the country has exhibited an explosive growth pace, dwarfing other local fund products that have been battling substantial outflows. Accelerated growth amid market uncertainties Betashares,…

    Article 2023年7月24日

  • Australia in panic mode as crypto faces banking crisis

    TL;DR Breakdown Australia faces a banking crisis with increasing de-banking in the crypto industry. The Government, led by Treasurer Dr. Jim Chalmers MP, commits to addressing the issue. Council of Financial Regulators (CFR) proposed four recommendations: data collection, transparency and fairness measures, guidance by major banks, and a ‘capability uplift’. The Government agrees to data collection and supports the other recommendations in principle. Description Australia finds itself on the precipice of a significant banking dilemma as crypto enterprises encounter increasing de-banking occurrences. With the emergence of digital currencies, Australia’s banking sector is grappling to strike a balance between supporting innovative business operations and managing the risks associated with financial crimes and sanctions compliance. Australia’s battle against crypto de-banking De-banking, … Read more Australia finds itself on the precipice of a significant banking dilemma as crypto enterprises encounter increasing de-banking occurrences. With the emergence of digital currencies, Australia’s banking sector is grappling to strike a balance between supporting innovative business operations and managing the risks associated with financial crimes and sanctions compliance. Australia’s battle against crypto de-banking De-banking, a phenomenon where…

    Article 2023年7月2日

  • HashKey Capital forms liquid fund to bet big on altcoin

    TL;DR Breakdown HashKey Capital, the investment arm of HashKey Group, has recently unveiled its plans to launch a secondary market crypto fund with a strong focus on altcoins.  Unlike many traditional crypto funds that primarily focus on Bitcoin and Ethereum, HashKey Capital’s approach is distinct.  Description HashKey Capital, the investment arm of HashKey Group, a prominent Hong Kong-based crypto financial services firm, has recently unveiled its plans to launch a secondary market crypto fund with a strong focus on altcoins. This announcement comes as the crypto market continues to evolve and diversify, with investors increasingly looking beyond Bitcoin and Ethereum for … Read more HashKey Capital, the investment arm of HashKey Group, a prominent Hong Kong-based crypto financial services firm, has recently unveiled its plans to launch a secondary market crypto fund with a strong focus on altcoins. This announcement comes as the crypto market continues to evolve and diversify, with investors increasingly looking beyond Bitcoin and Ethereum for potential opportunities. According to a report, the newly established fund has already garnered interest from potential clients, including high-net-worth investors and…

    Article 2023年9月2日

  • SEC Vs. Ripple case: Legal experts caution against premature celebrations

    TL;DR Breakdown Ripple achieves a partial victory in the legal battle against the SEC as the court ruling deems past direct XRP sales to institutional clients as securities. Legal experts caution that the fight may not be over, with potential appeals and a shift towards the need for updated regulations in the cryptocurrency space. Market responds positively to Ripple’s win, with XRP price surging and reaching the 38.2% Fibonacci retracement level, while the industry awaits further developments. Description Ripple Labs, the company behind the cryptocurrency XRP, achieved a significant partial victory in its long-standing legal battle against the U.S. Securities and Exchange Commission (SEC). The decision, delivered by Judge Analisa Torres at the United States District Court in the Southern District of New York, sent shockwaves throughout the crypto industry, signaling potential implications … Read more Ripple Labs, the company behind the cryptocurrency XRP, achieved a significant partial victory in its long-standing legal battle against the U.S. Securities and Exchange Commission (SEC). The decision, delivered by Judge Analisa Torres at the United States District Court in the Southern District of…

    Article 2023年7月15日
TOP