Aug 24, 2021

Bitcoin comes to UK PayPal - but not for payments

PayPal customers in the UK will now be able to use the platform to buy, hold and sell cryptocurrency, with investments starting at £1.But PayPal payments can still not be made in Bitcoin, for example, directly. PayPal is initially working with Bitcoin, Ethereum, Litecoin and Bitcoin Cash.But the currencies cannot be sent to friends or family or transferred to or from of any other digital wallet. PayPal launched its cryptocurrency service in the US, in October, hoping to make them more accessible to a wider audience. In June, the Financial Conduct Authority banned Binance, the world's biggest cryptocurrency exchange, from conducting any "Regulated activity" in the UK.But on Monday, PayPal chief executive Dan Schulman told the Financial Times: "I do believe that governments, central banks are understanding that the world is moving towards digital payments, that you cannot manage monetary policy through the issuance of banknotes." PayPal plans to expand its cryptocurrency service into further international territories in the coming months.

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