PayPal confirms crypto interest

via Finextra

In a letter to the European Commission, PayPal has confirmed its long-suspected interest in cryptocurrency and distributed ledger technology.

The letter, in response to the EC public consultation on building a framework for markets in crypto-assets, confirms PayPal is “continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space”.

The payments giant says it is particularly interested in how the technology can be used to boost financial inclusion and reduce some “pain points” in the industry.

PayPal addresses its decision to back out of the Facebook-led Libra stablecoin project, confirming that it is taking its own “unilateral and tangible steps to further develop its capabilities in this area”.

No details are offered but last month, citing industry sources, CoinDesk reported that PayPal and its Venmo unit plan to roll out direct cryptocurrency sales to its users within months.

The EC letter, sent in March, stresses PayPal’s support for a harmonised EU approach to licencing, calling for a “clear set of definitions” on various crypto activities and a technology-neutral approach to regulation.