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PayPal Backs cryptocurrencies for using as ‘Payment Currencies’

Online Payment giant PayPal has firmly backed cryptocurrencies for making payments but maintained that mass adaption of digital assets still has a long way to go. PayPal’s CTO, Sri Shivananda, shared these thoughts at recently conducted Economic Times Global Business Summit.

Image Courtesy: Paypal.com

For successful mass adaption, Shivananda said, “If consumers start to feel like there’s some leverage that they get through cryptocurrencies, everything else will automatically fall in line.”  He added that today most consumers view digital assets as investment assets rather than currencies for facilitating payment.

PayPal’s CTO also noted that given the prolific growth of internet digitization of currencies is only a matter of time. But this would require active participation from all important players including consumers, merchants, government and Fintech companies, he added.

He also showered praises on the UPI industry, calling the system truly inspiring. These praiseworthy words have come amid reports that PayPal is at the last leg of launching its UPI payment services in India.

PayPal’s support for cryptocurrencies has come at a time, when India’s apex court recently lifted ban on the trading of virtual currencies. The historic verdict marked a small yet significant victory for India’s fledgling cryptocurrency industry in its long drawn battle with RBI and Indian government.

U.S. based payment giant, which enjoys market capitalization of $130 Bn, has always been an ardent supporter of cryptocurrencies. It was also the part of Facebook’s much touted and talked about Libra project before it decided to do ditch the project. The company said that it wanted to focus on its core business and therefore quit the project.

Although PayPal’s support will come as a morale booster on the back of SC judgment, the clouds of uncertainties are far from over for India’s fledging cryptocurrency industry. A recent Economic Times report claimed that RBI is planning to file a review petition in Apex court challenging the judgment of lifting the ban on trading of cryptocurrencies.

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