It has been just revealed that Colorado enabled crypto payments via PayPal. Check out the latest reports about this subject, which show that crypto adoption is still booming below.
PayPal boosts crypto use
Residents of Colorado can now use cryptocurrency to renew their driver’s licenses and vehicle registrations. The Department of Motor Vehicles (DMV) in the state has announced that online payments can be made through PayPal using digital assets.
A service fee of $1 plus 1.83% of the total transaction cost will be charged for paying with cryptocurrency.
PayPal currently supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Additionally, PayPal has launched its own stablecoin, PayPal USD (PYUSD), which aims to maintain a 1:1 peg with the US dollar.
It’s not just the DMV in Colorado that’s embracing cryptocurrencies. The state’s Department of Revenue (CDOR) made history last year by becoming the first agency in the country to allow tax payments on digital assets.
This means that residents of Colorado can use cryptocurrencies to pay for individual income tax, business income tax, sales and use tax, withholding tax, severance tax, and excise fuel tax.
In addition, CDOR also accepts payments through PayPal but charges an extra $1.00 plus 1.83% of the payment amount.
Governor Jared Polis clarified in a previous interview that while Colorado accepts digital assets as a mode of payment, the state government has no intention of holding any cryptocurrency.
“We cannot be in the business of having exposure to a market where securities, including cryptocurrencies, fluctuate.
Our expenses are in dollars still. You never know what the future brings, but all of our expenses are in dollars, our budget got approved by the legislature in dollars, so when we talk about accepting crypto for payments, they would be converted back into dollars for our purposes.”
Make sure to check out the original article as well in order to learn more details about this.
