PayPal will finally allow users to withdraw crypto to third-party wallets. This function was confirmed by Jose Fernandez da Ponte, Vice President of Global Business Development at PayPal, adding that the option is still in the works.
PayPal began to let customers buy Bitcoin and other cryptos in October 2020, but without the option of moving them off-platform, a move which was heavily criticized.
“We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay. They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice,” declared da Ponte.
Regarding the rumors that PayPal would release its own stablecoin, the VP declared that “this is way too early.”
PayPal and CBDCs
The VP also spoke about CBDCs, declaring that he met with central bankers around the globe:
“It absolutely makes sense that central banks will issue their own tokens. Sometimes we position the debate as CBDCs versus stablecoins, but it’s a bit of a fake debate. There is no trade-off. We think they will co-exist.”
The VP believes that central bankers have two goals: universal access and financial stability. He believes that this can be achieved with digital currencies, not just by backing a stablecoin with fiat currency but even backing one with a CBDC.
Still, he added that “On the subject of CBDCs, there are a lot of Powerpoints written, but not a lot of code written.”
Furthermore, da Ponte believes PayPal to be a natural way of distributing CBDCs to the public.
Source: CoinDesk.com