Crypto is going mainstream, says PayPal boss – Asia Times

The CEO of PayPal believes cryptos are finally entering the mainstream, thanks in part to hygiene challenges arising from the Covid-19 pandemic, which has highlighted the advantages of “digital payments and digital forms of currency.”

In an interview with CNBC, Dan Schulman said “the use of cash has declined precipitously … 40 to 70% of consumers no longer want to handle cash, and just like every other industry is digitizing right now, that is happening in the financial services world.”

PayPal recently announced that it would allow its 300 million active customers to to buy and hold cryptocurrencies, and soon the global service will enable businesses to accept digital forms of payment by integrating with existing merchant payments platforms. 

Schulman said, “One of the things that we allowed is not just making it easy to buy, sell and hold cryptocurrencies, but very importantly, early next year, we’re going to allow cryptocurrencies to be a funding source for any transaction happening on all 28 million of our merchants. And that will significantly bolster the utility of cryptocurrencies.”

Schulman believes central banks around the world will soon follow China’s lead and issue their own digital currencies, and that it will be good for the development of crypto in general.