PayPal chief sets sights on turning the company into a digital wallet for CBDCs

The payments giant PayPal will deepen the integration of cryptocurrencies into its business, including positioning its supported app as a “digital wallet for global national digital currencies (CBDCs).” The plans were outlined by PayPal CEO Dan Schulman at an investor conference.

PayPal’s roadmap envisions a transformation into a platform for CBDCs. The head of the payments company believes central banks could distribute issued tokens to consumers via the company’s wallets.

“PayPal is an ideal instrument for regulators. They will be able to distribute CBDCs in a modern way and open access to the digital economy to a larger number of people,” he said.

On February 3, during the fourth-quarter results presentation, Schulman pledged that in 2021 he would present ‘expanded roadmap’ in the context of blockchain and digital currencies. In the presentation, this area is described as a “key line of business.”

“We will see how digital embodiments of value begin to move around the world. This will happen when we transition to DLT technology,” the head of PayPal shared his expectations.

During the conference, Schulman stressed that the next step for the company could be the use of smart contracts and tokenisation.

“Such an opportunity occurs once in several decades… the fundamentals require restructuring, and we can participate in it,” said Schulman.

Back on November 12, 2020, PayPal launched the ability to buy and sell bitcoin and several altcoins for US customers. The company did not disclose specific figures regarding digital assets, but it is known that on January 11 users conducted transactions with them totaling a record $242 million.

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