If you have been seeing the tons of cryptocurrency news and rumors on PayPal entering the crypto world with a unique solution, there has been a major update. In fact, an official PayPal letter written for this shows that the payments giant could be developing a crypto-based solution.
PayPal confirmed that it is developing capabilities in the cryptocurrency space, according to the letter sent to the European Commission. The official PayPal letter was originally submitted on March 20, and the document was intended to be a response to the European Commission and their public consultation on building an European Union framework for markets in crypto assets. The feedback period for this was from December 2019 to March 2020.
In the official PayPal letter, the global payments company admits to “continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space,” and further stressed that it favors a “harmonized” environment with a regulatory approach that would not compromise innovation.
PayPal also addressed its relationship with cryptocurrencies and noted that in 2019, it joined the Libra Association in order to learn “more about the proposed use of blockchain technologies to provide financial services to unbanked populations across the globe,” but later dropped out because it started working on its own solutions in the space.
“Since the project’s inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore — without questioning the value of the project — took the decision not to participate in the Libra Association and to continue to focus on advancing our existing mission and business priorities to democratize access to financial service,” the letter reads.
All of this comes on the heels of many reports in the altcoin news, when PayPal was rumored to be introducing direct sales of crypto assets and offering users cryptocurrency storage solutions. Now, the rumors (or some of them) are apparently true and as the official PayPal letter shows, there will be even more updates in the coming days.
Obviously, the next step is for PayPal to confirm everything and officially announce its foray in the world of cryptocurrencies. Until then, we will keep you posted on all of the latest updates.
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