Many influential characters expressed their praise for crypto and blockchain technology
in recent years. Dan Schulman, the CEO of PayPal, now joins that list. He believes that blockchain and crypto will reshape the financial system as we know it today.
The potential of crypto lies in payments
The PayPal CEO believes that the real potential of digital currencies lies in payments and not necessarily in buying and selling them, or predicting their upcoming price actions.
“The intersection between CBDC, stable coins, digital wallets, and enhanced utility of payments through cryptocurrencies is not just fascinating, but I think will redefine a lot of the financial world going forward,” said Schulman In an interview with CTech.
An example of a situation where crypto payments are superior to traditional banking payments is the current situation in Ukraine. Lots of people are donating money to Ukraine through crypto payments, because they can be sent across the world in a matter of seconds.
Buying and selling cryptocurrencies is the least interesting
Schulman finds buying and selling digital currencies and predicting crypto price action the least interesting of the new technologies. He maintains that the real excitement of digital currencies is their great utility for digital and global payments.
Moreover, several countries such as China, Russia, and the United States (US) are already planning to launch central bank digital currencies (CBDCs). This, in turn, could accelerate the progress and innovation in crypto and blockchain technologies.
There is, however, a large movement in crypto which is heavily against CBDCs, because they defy what crypto stands for: decentralization. But Dan Schulman views crypto more as a means of making our payment infrastructure more efficient, opposed to seeing it as a whole new form of money where central authorities aren‘t able to regulate it.
It is also noteworthy that PayPal has been very active in the cryptocurrency market the past year. For example, the online payments company has enabled its customers to buy cryptocurrencies
through its platform. It‘s also given its customer base the option to safely withdraw its crypto to third-party wallets. It is currently not known exactly what PayPal's next move will be within the crypto world, but more is definitely expected.