In the past years, Paypal has been staying clear of cryptocurrencies. Even to the point that it did not approve its service to be explored in sending money to and from cryptocurrency exchanges. However, this took a different turn in the latter 2020 when the service revealed that it would include support for virtual assets on its own platform.
Later, in 2021, the firm widened its service into the UK, including support for virtual assets particularly for UK users, while the other European countries remain in the room, waiting for their inclusion in the future.
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Now there is a new announcement. Paypal is ready to explore the options of expanding its crypto service across 26-country trading blocs.
To this effect, it has agreed that its first crypto foray into the EU should begin in Luxembourg. Ultimately, the small-sketched country also hosts the company’s headquarters, so beginning with Luxembourg fits perfectly.
The company revealed that this is a feature that did not suggest the particular time these cryptos might become accessible and available, only stating that it will occur in the “coming days.”
Once the support gets included, the locals will be able to explore Paypal to purchase, sell or keep their virtual assets via both the website and the Paypal mobile app.
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How this will work
PayPal will begin by adding support for four different cryptos, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. The minimum purchase will be only 1 EUR in order to make a new service available and affordable for everyone to use.
Users will be able to make purchases either by using the funds stored in their PayPal wallet, through EU-issued debit cards or via their linked bank accounts.
Paypal is on the path to enhancing the understanding of crypto in the EU
PayPal’s Senior Vice President and General Manager for blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, commenting on the new development said that the expansion of crypto services into Luxembourg is a big and important step for PayPal, especially its mission to make crypto assets and services more accessible.
After all, the company’s fiat payment services are widely used throughout Europe, and now, it is simply adding more for all of its existing users, which might also result in attracting new ones.
Jose added that PayPal remains committed to continuing to work closely with policymakers and regulators in order to contribute to shaping the role that cryptos will play in the future of global finance and commerce.
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As such, PayPal’s technology when experienced with crypto, and other aspects could help lawmakers decide when the time to vote on Europe’s landmark Markets in Crypto Assets (MICA) regulation comes in 2023.
New regulations could make the environment more friendly for exchanges and other crypto companies, and PayPal could be spearheading the creation of such an environment.
Back in June of this year, PayPal also announced that it would approve the transfer of crypto assets to personal wallets, as well as to wallets of crypto exchanges, thus becoming a part of the greater blockchain ecosystem.
This was a major step forward, as before the announcement, PayPal only allowed the purchase and sale of cryptos within its own platform, which made the coins purchased there completely isolated.
What does this mean for the cryptocurrency economy?
This is huge news for crypto investors and users across the globe. The inclusion of the support of crypto payment by PayPal signals longevity and durability for the sector that has been thrown under the bed for its almost-unending controversial happenings.
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