PayPal CEO urges crypto industry to work hand in hand with regulators

Representatives of the cryptocurrency industry must comply with regulatory requirements for the common good. PayPal chief Dan Schulman said at the Web Summit conference.

In his view, the industry will be able to grow if it works hand in hand with regulators. Compliance with norms, Schulman said, is the main condition for operating in the digital asset space.

“Strong regulatory oversight is extremely important, and I have no problem with that,” Schulman said.

The head of PayPal also suggested that digital currencies would soon become an everyday payment instrument. The move away from cash was accelerated by the pandemic, he added.

“In the long term, I remain strictly bullish on digital currencies of all kinds,” concluded the PayPal CEO.

Earlier Schulman admitted that the use of Bitcoin as a potential payment instrument would enhance its stability and functionality.

In November, PayPal opened access to cryptocurrencies for American customers.

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