In the past years, Paypal has stayed away from cryptocurrencies. Even to the extent that he did not approve the research of his service in sending money to and cryptocurrency exchanges. However, that changed in late 2020 when the service revealed that it would include support for virtual assets on its own platform.
Later in 2021, the company expanded its service to the United Kingdom, including support for virtual assets, specifically for UK users, while other European countries remain in the room, pending their inclusion in the future.
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Now there is a new announcement. Paypal is ready to explore the possibilities of expanding its crypto service in the trading blocks of 26 countries.
To that end, he agreed that his first crypto foray into the EU should begin in Luxembourg. After all, the company’s headquarters are located in a small country, so starting with Luxembourg is a perfect fit.
The company revealed that this is a feature that did not suggest a specific time when these cryptocurrencies might become available and accessible, only stating that it would happen in the “coming days.”
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How will this work
PayPal will start by adding support for four different cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. The minimum purchase will be only 1 EUR to make the new service available and accessible to everyone.
Users will be able to make purchases using funds stored in their PayPal wallet, via EU-issued debit cards or through their linked bank accounts.
Paypal is on the way to improve the understanding of crypto in the EU
PayPal Senior Vice President and General Manager of Blockchain, Crypto and Digital Currencies, Jose Fernandez da Ponte, commenting on the new development, said that the expansion of crypto services in Luxembourg is a big and important step for PayPal, especially its mission to make crypto assets and services more accessible .
After all, the company’s fiat payment services are widely used across Europe, and now it’s simply adding more for all its existing users, which could also result in attracting new ones.
Jose added that PayPal remains committed to continuing to work closely with policymakers and regulators to help shape the role that cryptocurrencies will play in the future of global finance and commerce.
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As such, PayPal’s technology with experience in crypto and other aspects could help lawmakers decide when it’s time to vote on Europe’s landmark Market Regulation of Crypto Assets (MICA) in 2023.
Back in June of this year, PayPal also announced that it would allow the transfer of crypto assets to personal wallets as well as crypto exchange wallets, making it part of the larger blockchain ecosystem.
This was a huge step forward, as prior to the announcement PayPal only allowed the buying and selling of cryptocurrencies within its own platform, making the coins purchased there completely isolated.
What does this mean for the cryptocurrency economy?
This is big news for crypto investors and users around the world. PayPal’s inclusion of crypto payment support signals longevity and staying power for a sector that has been bedeviled by its almost endless controversies.