PayPal confirms interest in working with cryptocurrency


Earlier, the media published information that the payment system would start working with crypto assets.

PayPal has confirmed interest in working with cryptocurrencies. Photo:

In a letter to the European Commission, US payment system PayPal spoke about working with cryptocurrency and blockchain technology.

The company said it “constantly monitors and evaluates global changes in the field of cryptocurrencies and blockchain / distributed re-register technology”, adding that the EU should establish clear definitions of various crypto assets to protect consumers.

PayPal emphasized that the lack of clear rules hinders the work of companies with cryptocurrencies. Thus, payment system representatives noted that the requirements to deal with money laundering and the financing of terrorism (AML-CFT) should be implemented for operations with crypto assets.

PayPal also said that the company is particularly interested in using blockchain technology to increase financial affordability and reduce some “problematic” issues in the industry.

Representatives of the payment system refused to participate in the stable Facebook Libra Facebook, with the fact that PayPal was already taking steps towards the company’s “further development of opportunities” in the region.

Last month, CoinDesk cited sources familiar with the situation, saying that PayPal, with a customer base of 325 million users, plans to add the ability to directly buy and sell cryptocurrencies over the next few months. A similar option should appear in the Venmo payment services company.

Paypal magazine help

Earlier, we wrote that PayPal is going to hire a blockchain expert who will help use technology in the fight against financial crimes. The company has already posted the relevant vacancy.

The designation was named “Director for Combining Money Laundering (AML) and Blockchain Strategy”, assuming the new employee will join PayPal’s New York office and “blockchain scenarios with the management of financial crime risks and monitoring of AML” Will be responsible for evaluating ”. Investigation, as well as new trends in this location. “

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