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PayPal can add CBDC to its payment system

PayPal can add CBDC to its payment system
CONTENT

  • PayPal wants to add CBDC to payment system

  • PayPal team is currently conducting research on the CBDC market

  • Several countries are working to create digital central bank currencies

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PayPal can add CBDC to its payment system

PayPal CEO Daniel Shulman said the company could incorporate central bank digital currencies (CBDC) Bills and coins could be a thing of the past due to a new financial instrument, central bank digital currencies (CBDC). As of … More).

PayPal will add CBDC

More recently, PayPal has added a feature to buy and sell cryptocurrencies. The company’s management claims that customers will also be able to use the cryptocurrency to buy from 26 million sellers on the PayPal network, starting in early 2021..

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PayPal can add CBDC to its payment system

Now Daniel Shulman has announced the company’s new plans. PayPal is considering adding central bank digital currencies (CBDCs) to its payment system, he said. At this stage, only China is as close as possible to the actual launch of CBDC. Digital currencies of other central banks are under development or testing.

“This is just the beginning of the opportunities that are opening up before us in our joint work with regulators. I think that our platform, with its digital wallets and reach, will help make these currencies useful and practical. It is about the interoperability between different wallets and coins, as well as their integration into our global network of buyers and sellers, ”said Shulman.

Recall that for the first time, the editorial staff of BeInCrypto announced PayPal’s intention to add support for cryptocurrencies back in June. Then it was reported that the cryptocurrency exchanges Coinbase and Bitstamp would provide liquidity. The exchanges themselves did not comment on possible cooperation with PayPal.

Countries not ready to launch CBDC

Despite the initiative of the PayPal payment system to open access to crypto and digital currencies for their users, central banks are not yet ready to offer their own CBDCs to the market. At the moment, only China is in the final stages of testing the digital yuan. Earlier, the BeInCrypto portal reported that the Chinese city of Shenzhen is testing China’s digital currency, the digital yuan, which has not yet been officially launched into circulation..

The possibility of creating a digital currency of the central bank was previously announced by the governments of Canada, Australia and other countries of the world. The Bank for International Settlements (BIS) will also join the creation of the CBDC, which plans to begin testing the concept of the digital currency of central banks (CBDC) at the end of 2020. This was stated by the head of the innovation center at BIS Benoit Kere, writes The Paper. Kere also noted the need for further work on improving the blockchain system in the event of the release of CBDC.

At the end of August, BIS published a report on the development of the direction of digital currencies of central banks on a global scale. According to the report, most central banks are considering creating “hybrid” schemes, where CBDCs are regulated directly by the central bank and client activity is limited to the private sector..

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PayPal can add CBDC to its payment system

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