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PayPal announces expansion plans for cryptocurrency

PayPal announces expansion plans for cryptocurrency

Payment giant PayPal is working on increasing customer opportunities in the sphere of bitcoin and other cryptocurrencies.

In a letter sent in March, PayPal said it was “following up on the evolution of the cryptoactive space” and had taken “steps to further increase opportunities in this area”.

The letter from the said company became part of the public consultations initiated by the European Commission in 2019. in October, striving to receive feedback in connection with the regulation of systems cryptoactive.

PayPal announces support for these plans. Representatives of the company note that blockchain and crypto assets can “increase the availability of financial services and reduce or eliminate specific sore spots in existing payment services.”

“As these technologies develop, thoughtful regulation, which encourages innovation and stimulates transparency, can help the growth and prosperity of the industry,” the letter said.

PayPal wants the European Commission to provide precise definitions of the different types of activity in the cryptocurrency sphere, which will allow adequate protection for consumers and investors. In addition, the company proposed to carry out activities in the cryptocurrency sphere within the applicable anti-money laundering regulations.

The company has a banking and payment service license issued in Luxembourg. This allows it to provide services for 95 mln. customer 31 European country.

In the cryptocurrency space, PayPal participates since 2014. year. By entering into a partnership with several advanced services – including SatoshiPay and Coinbase – the company offered traders the opportunity to accept bitcoin as payments.

In June this year, it was reported that PayPal and its owned mobile payment service Venmo are preparing to offer users a cryptocurrency buy/sell option.

PayPal was one of Libra’s participants, however, in 2019. in October, dropped out of the project together with Mastercard and Visa.

What do you think?

Written by S. Parmar

S. Parmar is a digital marketing and cryptocurrency enthusiast, who always learns and predicts new things. He has 4 years of experience in cryptocurrency.

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