José Fernández da Ponte, VP and Head of Blockchain Development at PayPal, said the company plans to add the function of withdrawing crypto assets to third-party wallets.
According to Jose Fernandez da Ponte, the feature is already in development, but he did not specify an approximate date for its release. As of today, the PayPal payment system does not allow users to withdraw cryptocurrencies from the platform, although as of October 2020, US citizens can buy, sell, and store cryptocurrencies using PayPal.
“We want PayPal to be as open as possible, so we are ready to provide our customers with the opportunity to pay in any way they want. If users want to use cryptocurrencies in e-commerce, they should be able to withdraw them at their own discretion, ”said the vice president of PayPal.
When asked if the payment giant is going to launch its own stablecoin, Ponte replied that it is too early for that. However, he said the company is interacting with central banks, many of which will soon start issuing their own digital currencies. Moreover, Ponte does not agree with the widespread opinion that only one of the state digital currencies can take a leading position.
In addition, Ponte considers it pointless to argue about what will dominate the market: regular stablecoins or digital currencies issued by central banks. The VP of PayPal is confident that they can quite successfully “get along with each other.” Central banks are focused not only on ensuring universal access to their own digital currencies, but also on financial stability.
Ponte said that after the launch of state-owned cryptocurrencies, PayPal will become a natural habitat for their distribution among the population. However, digital currencies can also help expand access to the financial system. Recently, PayPal CEO Dan Schulman said that the demand for cryptocurrency has many times exceeded the company’s expectations.
