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PayPal Letter Seems to Confirm Crypto Capability Rumors

PayPal has confirmed that it’s growing capabilities within the cryptocurrency house, based on a letter to the European Commission.

Originally submitted on March 20, the doc was supposed as a response to the European Commission’s public session on constructing an EU framework for markets in crypto-assets, whose suggestions interval lasted from December 2019 by means of March 2020. 

In the letter, the funds large admitted to “continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space,” stressing that it favors a “harmonized” regulatory method that wouldn’t compromise innovation. 

Further, PayPal addressed its relationship with crypto property, noting that in 2019, it joined the Libra Association to be taught “more about the proposed use of blockchain technologies to provide financial services to unbanked populations across the globe,” however later dropped as a result of it began to work by itself options within the house:

“Since the project’s inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore – without questioning the value of the project – took the decision not to participate in the Libra Association and to continue to focus on advancing our existing mission and business priorities to democratize access to financial service”.

Previous rumors 

Earlier in June, it was reported that PayPal is contemplating introducing direct gross sales of crypto property and providing customers to retailer their crypto utilizing the corporate’s in-house digital pockets.

When requested to verify or deny that info, a consultant for the funds juggernaut instructed Cointelegraph that “PayPal does not comment on rumors or speculation.”

Around the identical time, PayPal introduced two crypto-related openings, because it was in search of blockchain and crypto engineers.

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