PayPal to lead the charge on CBDCs

PayPal CEO Dan Schulman has said that PayPal's digital wallets are prepared to take on the ambitious task of distributing central bank digital currencies (CBDCs) to consumers across the board.

PayPal is readying itself to up its crypto game. After announcing that it would support crypto buy/sell features and retail purchases in the US, and now the UK, PayPal is ready to try its hand at CBDCs.

“You think about how many we’re going to have in the next two, three or five years, and we’re a perfect complement to central banks and governments to distribute those digitized forms of currency”, Schulman said.

The payment processor is already looking into tokenization and smart contracts, looking for opportunities to jump on the crypto bandwagon in a way unlike many other crypto investors.

In fact, PayPal is leading the charge of bringing crypto transactions to the masses. While no more details have been revealed about how PayPal expects to become the torch-bearer for CBDCs. The company did report that in the last week, crypto transactions have spiked by 12%.

Having PayPal play a bigger part in cryptocurrencies is a good thing, as it will enable crypto casinos to expedite payments and make them more convenient for non-crypto enthusiasts. Websites such as Bitcasino, 1xBit and FortuneJack already offer sterling crypto payment options, but adding PayPal could be another plus.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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