Confirmed: PayPal Working on Crypto Capabilities

Confirmed: PayPal Working on Crypto Capabilities

A major payment service provider recently has confirmed that it is endeavouring in bringing cryptocurrency buying and selling. The ubiquitous PayPal is working on achieving this goal. PayPalHoldings wishes to allow it huge 320 million user base to be able to utilise cryptocurrencies capabilities.

Although rumours circulated of this for some time now, we now have concrete proof of this in the form of a open letter made to the European Commission in March, after the body’s recent discussion on introducing a licensing framework for crypto assets.

In the aforementioned letter, PayPay claims that it has begun work on bring crypto closer to its client base ever since it joined the Libra Association. However, in a sudden turn of events it was PayPal’s decision to be the first one to leave the union, a move that was followed by MasterCard and Visa, among other players.

There were no preliminary explanations as to PayPal’s motivations for leaving the consortium, but news quickly came about backed by evidence that the company was showing a growing interest in dabbling with crypto. Yet, there is still uncertainty surrounding the real reason for leaving the Libra Association.

PayPal has suggested to EU authorities that a clear definition of cryptorcurrency must be found in order to accelerate the eventual licensing and regulation of the asset. Furthermore, the payment service provider also asked for crypto activity to be brought under Anti Money Laundering Laws.

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