Starting October 26th, all PayPal users in the US will be able to officially buy and sell Bitcoin and other
The company will also publish materials thatwill help users understand how cryptocurrencies, digital currency ecosystems, risks and opportunities associated with investing in them work. The company will not charge user service fees to buy or sell cryptocurrencies until the end of the year, nor will users have to pay fees either.
PayPal also plans to start using cryptocurrency at Venmo in the first half of 2021. The service hopes that this will allow users in other countries to buy and sell cryptocurrency.
Facebook Pay launched in Russia
CEO Dan Shulmannoted that this step will contribute to the global spread of cryptocurrency. The service also prepares central banks and corporations to create their own currencies. PayPal cites a survey of central banks, according to which one in ten of them plans to launch digital versions of their currencies within the next few years.
PayPal noted that virtual currencies canbe volatile, and transactions slower and more expensive than other payment methods. Therefore, users "should exercise some caution" when dealing with PayPal.
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