PayPal executives recently announced some additional details about their plan to add support for cryptography.
According to the company, the support will arrive in 2021 and will include support for the CBDC.
PayPal believes that traditional financial systems do not work for most people and that cryptography can help.
Online payment giant PayPal recently caused a stir in the crypto industry when it announced plans to support Bitcoin and some other coins. Now his executives have revealed some additional details about the company’s crypto plans.
PayPal will also add support for CBDCs
According to company officials, PayPal plans to enter the crypto sector fairly aggressively in 2021, with plans to support CBDCs as well. The company’s CEO, Dan Shulman, noted that it is clear that the world is rapidly moving from the physical to the digital world.
He also cited various discussions with regulators, central banks, but also with leaders of the crypto industry itself, and concluded that there is no question that cryptos are gaining in importance. Their functionality is also increasing, and with it their importance.
He then remarked that the company wants to help shape the benefits of CBDCs, since the question is not whether they will arrive, but when it might happen. Shulman added that PayPal wanted to use its familiarity and scale to facilitate the interoperability of the CBDCs with existing payment systems.
PayPal can help drive the adoption of crypto among merchants.
In addition, PayPal is in the unique position of helping to increase the acceptance of CBDCs and crypto among various merchants already using the services of the payment giant. Currently, approximately 28 million merchants are supported by PayPal’s service, and once the company adds support for crypto, they will all have the ability to easily accept digital coins if they choose to do so.
Shulman also added that traditional financial systems simply don’t work for most ordinary people, so PayPal is now working to make them more efficient, cheaper, much faster and available to more people than ever before.
Finally, PayPal executives stressed that the demand for cryptography from its customers is already massive and growing.