A cryptocurrency is a digital or virtual currency that uses encryption technology to generate its units and verify the transfer of funds.

PayPal in favor of cryptocurrency and blockchain, said they are helpful in democratizing financial services.

Blockchain can Help Standardise Financial Services

Digital payments major PayPal said on Thursday that the technological changes brought about by blockchain and cryptocurrencies can help democratize financial services and lead to greater financial inclusion. 

PayPal also said that it has aggressive and defensive strategies in place when it comes to cybersecurity, to ensure that its platform is safe for users.

PayPal EVP and Chief Technology Officer Mr. Sivananda said that the infrastructure being built by the company will not only support digital currencies but is also intended to support digital currencies of all central banks over time. 

We are also very interested in blockchain and cryptocurrencies, Sivananda said in a virtual press conference. We really think this is a major change in technology that will help us democratize financial services and make financial inclusion possible for the 1.8 billion people around the world who are not covered by the current system.

He added that the main goal is to increase the accessibility and utility of digital assets and further facilitate the management of wealth. 

PayPal currently supports four cryptocurrencies. He said that Blockchain and Cryptocurrency is just the beginning and there is still a lot to learn and do in this area to move forward.

A cryptocurrency is a digital or virtual currency that uses encryption technology to generate its units and verify the transfer of funds. The RBI had banned cryptocurrencies in 2018 and ordered everyone to stop trading in virtual currency. 

In 2019, the Supreme Court asked the Center to formulate a policy for cryptocurrencies and in 2020, the restrictions imposed by the RBI on cryptocurrencies were lifted.


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