PayPal is preparing to implement cryptocurrency support

Payment giant PayPal said it is exploring the cryptocurrency space and is “developing and implementing cryptocurrency opportunities.”

A statement was made in a letter to the European Commission. In it, PayPal reports that it closely monitors the evolution of the cryptocurrency space and takes “independent and noticeable steps to develop its capabilities in this area”, especially after the announcement of the Libra project in mid-2019.

Also in his letter, the payment giant emphasized that it supports the development of a legal framework for cryptocurrency projects. The drafters of the letter write that blockchain and cryptocurrency assets can help “achieve better financial accessibility and eliminate the problem areas that still exist in financial services.”

“As these technologies continue to evolve, we believe that thoughtful and transparent regulation that fosters innovation can help the industry grow and prosper,” the PayPal letter said.

The European Commission can also help with this, the letter emphasizes. For this, it is necessary to establish clear definitions of various operations with cryptocurrencies, which will ensure adequate protection for consumers and investors. In addition, PayPal offers to apply anti-money laundering rules to cryptocurrency transactions.

“European regulators should strive to be technologically neutral in order to impartially support innovation and competition in this rapidly developing field,” the authors of the letter conclude.

Recall that after the announcement of the Libra project by the social network Facebook, PayPal became a member of the Libra Association. However, after regulators around the world put strong pressure on the project, the payment giant decided to withdraw from the association.

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