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Cities have circumvented privacy norms and deployed sensors to track vehicles via toll transponders (like E-Zpass tags). The ethical problems regarding these practices have been highlighted by various privacy advocacy groups. The industry however, has yet to implement a standard privacy protection regime to protect users’ data. Further, existing risk management models do not adequately address user-controlled data sharing requirements. In this paper, we consider the challenges of protecting private data in the Internet of Vehicles (IoV) and mobile edge networks. Specifically, we present a privacy risk reduction model for electronic toll transponder data. We seek to preserve driver privacy while contributing to intelligent transportation infrastructure congestion automation schemes. We thus propose TollsOnly, a fully homomorphic encryption protocol. TollsOnly is expected to be a post-quantum privacy preservation scheme. It enables users to share specific data with smart cities via blockchain technology. TollsOnly protects driver privacy in compliance with the European General Data Protection Regulation (GDPR) and the California Consumer Privacy Act.