PayPal recognized Bitcoin

PayPal, the largest debit electronic payment system globally, has allowed US users to pay in online stores worldwide using cryptocurrency. This was announced by the president and CEO of the company Dan Shulman, according to Reuters.

The system decided to recognize bitcoin and other electronic “coins” against which many states’ financial authorities are set by free conversion into traditional currencies without commission. The service’s launch date has not been specified, but it will happen in the coming months.

The main problem with bitcoin remains high volatility, which, in turn, is associated with the difficulties of using it as a means of payment. PayPal expects its initiative to mitigate the problem.

Back in October, the payment system allowed US users to buy, hold and sell cryptocurrency without commission. At the same time, the current changes were announced, but without specifics.

Shulman’s announcement comes just a week after Tesla CEO Elon Musk said the automaker started selling its electric cars for bitcoins. So far only in the USA, but by the end of the year, such an opportunity will be available in all countries of the world. On March 29, the Visa payment system announced plans to allow the USD Coin cryptocurrency to be used in transactions on its network.

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Author: Sam Smith
Graduated from University of Oxford. Previously, he worked in various diferent news media. Currently, it is a columnist of the world news section in the Free News editors.
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Sam Smith

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