PayPal and partner Paxos, a financial tech start-up, will be able to buy, hold, and deal in various forms of cryptocurrencies under a “BitLicense” granted to PayPal on 21 October by the New York State Department of Financial Services.
The license will allow PayPal to deal in Bitcoin, Etherium, Bitcoin cash, and Litecoin.
Until now, PayPal could be used to buy or sell digital currencies but not to hold them in a customer’s PayPal account.
Starting next year, customers can use PayPal at millions of retailers to buy merchandise with cryptomoney, PayPal told Reuters.
“We are eager to work with central banks and regulators around the world… to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce,” said PayPal CEO Dan Schulman in announcing BitLicense.
PayPal’s move is yet another example of a conventional financial services firm taking a place in the world of digital currencies.
Square, a PayPal competitor, has supported Bitcoin through its Cash app for more than two years. Cash generated more than $875 million in Bitcoin revenue in this year’s second quarter.
PayPal and its social payments app Venmo have about 350 million accounts worldwide, making it one of the largest digital wallet providers outside of China.
PUBLISHER’S NOTE: As we long have been forecasting, going digital will be the New World Order.
And, as we have reported, the fear of the virus is speeding us toward a future of digital cash, which will make it easier for our purchases, donations, and investments to be tracked.
Digital payment systems will permit governments and the tech world to monitor what we buy, when we bought it, who we bought it from, where and what time… thus privacy will be lost, and all tax dollars will be paid.
