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Paypal to look forward in having a wallet role in Central Bank Digital Currency

Dan Schulman, the CEO of PayPal, acknowledged his delight with the company's growth in the area of digital currencies. He went into great detail on central bank digital currencies (CBDCs) and PayPal's role in them. The question is how much control governments will have over the digital wallets that would be required to run them. He makes it plain that he believes private corporations like PayPal play an important role.

Jeff Schulman, co-founder and CEO of PayPal, spoke at a conference in New York on Wednesday. PayPal is collaborating with regulatory bodies and central banks around the world to develop new infrastructure for CBDCs, he said. He also highlighted governments' interest for CBDCs and how they may assist in banking the unbanked and bringing underserved persons into the financial system.

Because private enterprises play a role in how CBDCs operate, it should ease concerns about government surveillance and control of these new networks. Will they be open platforms, allowing any developer to establish a wallet and connect with it, or will governments select which companies' wallets are allowed to send, receive, and use the new CBDC system? It's very likely that anyone who has a computer will be able to help you.

Officials from the government have raised concern about the volatility character of virtual currencies and their possible influence on the financial system as a whole. Is it possible that PayPal may strike a deal and stop supporting private digital currencies, particularly those that fail to comply with KYC/AML standards, such as BCH? You can count on one thing: PayPal will act in the best interests of its shareholders and long-term vision, and if governments decide to outlaw digital currencies as a result of people involved with them refusing to follow the law, PayPal will abandon them.

 

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