PayPal crypto services to go global early 2021, support for CBDCs coming

CRYPTONAIRE LYWEEK CRYPTO investment journal

PayPal is planning to launch crypto services for users of its platform globally, along with the Venmo app, and the company will explore central bank digital currencies.

Senior executives at global payments giant PayPal have revealed further details about its plans to aggressively push into the crypto sector next year during the firm’s Q3 2020 earnings call, including plans to support central bank digital currencies (CBDCs).

“Clearly the world is rapidly moving from physical to digital,” said PayPal CEO, Dan Shulman, emphasizing the accelerated rate of change within the payments and financial services sectors.

Citing discussions with central banks, regulators, and crypto industry leaders, Shulman asserted: “There is no question that digital currencies are going to be rising in importance, having increasing functionality, and increasing prominence.”

“CBDCs [...] are a matter of when and how they’re done, and not if.”

PayPal’s chief executive said that through its scale and prominence the company will “help shape the utility of [CBDCs],” including facilitating interoperability with existing payment rails and fostering acceptance among merchants. Shulman also described the legacy financial system as “not working” for many ordinary people.

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