PayPal wants to be a key distribution channel for central banks’ digital currencies

Why central banks want to launch digital currencies | CNBC Reports

PayPal wants to be a key distribution channel for central banks' digital currencies

PayPal CEO Dan Shulman confirms company’s intention to become a distributor of central bank digital currencies (CBDC).

During a conversation with investors, he said that the largest electronic payment system is the most suitable channel through which central banks and governments can distribute CBDC internationally. The roadmap also states that the company is exploring the possibility of supporting tokenized assets and using smart contracts..

According to Shulman, the current financial system is outdated, which is why PayPal has created a new division focused on the blockchain and digital economy. The company expects that modern technologies will, over time, radically change the ways and forms of moving value around the world..

The company is currently promoting its cryptocurrency service and plans to open access to it to residents of the UK.

text: Ivan Malichenko, photo: Bloomberg