PayPal wants to be a key distribution channel for central banks’ digital currencies
PayPal CEO Dan Shulman has confirmed the company’s intention to become a distributor of central bank digital currencies (CBDCs).
During a conversation with investors, he said that the largest electronic payment system is the most suitable channel through which central banks and governments can distribute CBDC internationally. The roadmap also states that the company is exploring the possibility of supporting tokenized assets and using smart contracts.
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The current financial system is outdated, which is why PayPal has created a new division focused on blockchain and the digital economy, Shulman said. The company expects modern technology to fundamentally change the ways and forms of moving value around the world over time.
The company is currently promoting its cryptocurrency service and plans to open access to it to residents of the UK.