Make it easy to buy, sell and pay for cryptocurrencies with PayPal
PayPal, an online payment service, has announced that it will start handling virtual currencies. In addition to being able to buy and sell virtual currency through the smartphone app, it will also be possible to pay using virtual currency at more than 26 million stores that support PayPal.
Press Release: PayPal Launches New Service Enabling Users to Buy, Hold and Sell Cryptocurrency --Octo 21, 2020
At first, PayPal will introduce a function that allows you to purchase, hold, and sell four types of Bitcoin, Ethereum, Bitcoin Cash, and Litecoin with PayPal's digital wallet. PayPal says there is no fee to hold cryptocurrencies on PayPal and there will be no fees to buy or sell cryptocurrencies with your PayPal account until December 31, 2020.
In addition, since you can hold cryptocurrencies in your PayPal wallet, users can exchange cryptocurrencies at PayPal rates at no additional charge and settle in fiat currency as a source of funds for payments using PayPal.
PayPal has already received a conditional license from the New York State Department of Financial Services, and plans to start supporting cryptocurrencies for US users by the end of 2020.
However, according to PayPal's terms of use, it seems that users cannot transfer virtual currency purchased with PayPal from the PayPal wallet to an external wallet, nor can they transfer virtual currency from an external wallet. Also, it seems that it is not possible to directly exchange virtual currency between PayPal accounts.
This is the highlight of the PayPal news for me.
— Jake Chervinsky (@jchervinsky) October 21, 2020
They're not only preventing withdrawals to self-custody, they won't even allow transfers between accounts.
I'd be glad to speak with @PayPal's legal team about why these restrictions aren't required for regulatory compliance. Pic.twitter.com/DIVUqkCkGC
PayPal CEO Dan Schulman said, 'The transition to the digital form of currency is inevitable: financial inclusiveness and access, payment system efficiency, speed, resilience, and rapid government funding to the public. 'It offers clear advantages in terms of distribution capacity,' he said. 'We work with central banks and regulators around the world to provide support and play the role of digital currencies in the future of global financial and commerce. I would like to make a significant contribution to the formation. '
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