PayPal is planning to be a digital wallet for global CBDCs

by in Cryptocurrency News


Payment giant PayPal will enhance the integration of cryptocurrencies into its business, including by positioning the supported application as a "digital wallet for global national digital currencies (CBDC)". Similar plans were shared by the CEO of the company Dan Shulman at a conference with investors.

PayPal's roadmap envisions becoming a platform for CBDC. The head of the payment company believes that central banks can distribute the issued tokens to consumers through the company's wallets.

“PayPal is the perfect tool for regulators. They will be able to spread CBDC in a modern way and open up access to the digital economy to more people,” he said.

On February 3, during the presentation of the results for the fourth quarter, Schulman promised to present an "extended roadmap" in the context of blockchain and digital currencies in 2021. In the presentation, this area is presented as a “core business area”.

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“We will see how digital incarnations of value begin to move around the world. This will happen when we switch to DLT technology, ”the head of PayPal shared his expectations.

During the conference, Shulman stressed that the company's next step could be the use of smart contracts and tokenization.

“This opportunity occurs once every several decades ... the fundamentals require restructuring, we can participate in this,” said Shulman.