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PayPal’s letter seems to confirm cryptocurrency rumors

Previous speculations said that PayPayl might soon be offering cryptocurrencies to its users.

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Wed, 15 Jul 2020, 15:29 pm UTC

There were speculations that PayPal might be planning to enter the cryptocurrency business surfaced last month but the payments giant declined to confirm or deny the issue. However, a recently surfaced document seems to suggest that there might be some truth to those rumors after all.

In a letter to the European Commission, PayPal might have confirmed that it is preparing to enter into the cryptocurrency space, according to Cointelegraph. The letter, which was originally submitted on March 20 this year, was the online payment firm’s response to the European Commission’s public consultation on the proposed EU framework for a crypto-assets market.

In its response, PayPal said that it is keeping tabs on what’s happening in the cryptocurrency and blockchain space. “PayPal is continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space,” PayPal wrote. “Of particular interest for us is how these technologies and crypto-assets can be utilized to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services. We also have great interest in how these technologies can be used to promote transparency and enhance compliance efforts.”

The company also explained its involvement with Facebook’s Libra project and why it later dropped out. “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 payments services firm noted.

While PayPal did not explicitly said that it plans to offer cryptocurrency options in its future services, the statement seems to hint that it is preparing its capability to do so. “PayPal would be supportive of a harmonized approach across EU markets on applicable licensing or authorization requirements,” the company also added, according to FinanceMagnates.

In its letter to the Commission, PayPal also suggests that the EU needs clear guidelines when it comes to definitions of crypto assets, licensing procedures, and regulations governing companies engaged in cryptocurrency-related business. “The regulatory framework should allow for innovative products and services to be brought to market without undue regulatory burden while simultaneously providing regulatory clarity, guidance, and safeguards,” PayPal said.

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