Skip to main content

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.

 

Comments

Post a Comment

Popular posts from this blog

To boost trade, Africa is simplifying international payment systems

It's hard to transfer money between African countries. The Ghanaian king settled a bill with a Nigerian attorney. His experience highlights a systemic problem impeding Africa's economic growth: high transaction costs and inconvenience. 15% of all imports and exports occur between 55 African countries. 60% of Asian trade is within Asia. 70% in EU. The difficulty of international payments hinders African trade. There are also high tariffs, long border procedures, and congested roads. Proponents of AfCFTA say easing trade restrictions will boost trade, FDI, and economic growth. 50 million people will be lifted out of extreme poverty by 2035 due to the accord's positive impact on real income, which is projected to rise 9.1%.  Another issue: In Africa, currency values fluctuate. From July 2021 to 2022, Ghana's currency fell from 6 to 8. Volatile currencies make financial transactions more costly and risky. To overcome these problems, PAPSS facilitates financial transactions ...
Post a Comment
Read more

A more accessible blockchain-based app dev in progress

Outside of cryptocurrency, blockchain has a lot of potential. Decentralized applications and distributed ledgers may soon be used by established industries such as finance, automotive, supply chain, and mobility. However, creating your own blockchain from the ground up is quite tough. Lisk co-founder Max Kordek discusses how to make decentralization more approachable. Blockchain's decentralized, tamper-proof nature has the ability to decentralize power and offer the collective hive more data control. Data from different manufacturers may be linked, and data from different vehicles could be shared. With so much money pouring towards asteroid mining and Mars expeditions, an interplanetary economy appears to be a foregone conclusion. Established businesses are less likely to have a say in the change than new entrepreneurs. When Bitcoin was first launched, the development ecosystem was "terrible," according to Kordek. He claims that developing on the open source and immutable...
Post a Comment
Read more

Embracing blockchain as a tool for change

Blockchain technology is increasingly being employed in enterprises outside of the financial industry, and this trend is expected to continue in the future. By 2023, it is estimated that investment in blockchain technologies will reach US$16 billion per year on average. (Approximately RM68 billion). To put this in perspective, consider the fact that US$8.7 billion was invested in blockchain and cryptocurrencies in the first half of 2021. The Malaysian government is aiming to create a long-term environment for the country's technology and financial services industries in the next years. Founded in Singapore in July 2021 by Iskandar Investment Bhd as a wholly-owned subsidiary, the Ignite Global Innovation and Technology Exchange will be the world's first global innovation and technology exchange. In Malaysia, IIB Ventures Sdn Bhd is in charge of the development of the blockchain industry's ecosystem. This is why BV@M has set a goal of creating a blockchain ecosystem in Medini...
Post a Comment
Read more