- Paypal crypto integration is against the basic crypto ethos.
- The ethical risks involve giving up the liberty.
- Cryptocurrency stands for anonymity and free peer-to-peer trade.
Extending its services to include cryptocurrency transactions, PayPal is expected to join the crypto bandwagon by early 2021. The US-based digital payment network will allow customers to deal with a variety of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Paypal crypto integration is committed to implementing said services across its board of 26 million payment merchants by mid-2021 and is in talks of expanding to include Venmo its digital payment transfer app as well as to other selected international niches.
Paypal crypto integration and ethical concerns
With over 300 million active users globally, PayPal including cryptocurrencies under its banner is expected to have a vigorous impact on sector potential and market scalability of digital currencies worldwide. This however is just the tip of the iceberg.
Further investigation reveals PayPal’s crypto processes, much to one’s dismay, is not anywhere close to a decentralized liberated digital field. Rather centralized, PayPal intends to hold the supreme power of cryptocurrency bought, sold, and used on its platform.
As per the official website PayPal currently supports buying and selling of listed cryptocurrencies through the PayPal account and deems crypto holdings conversion to USD mandatory for completion of peer to peer crypto transactions.
This however is a notion reportedly set for initial implementation and set to change in the future wherein cryptocurrencies will be available for use as a funding instrument for commercial trading activities. The company’s move is possibly said to be linked to sanctions and security regulations hovering cryptography worldwide.
In spite of the glitch, the news of PayPal and cryptocurrencies association have sent financial firms worldwide to reassess their take on the future of financial investment and trade as well as to devise immediate plans on hopping onto the digital boat or risk drowning in traditional waters.
A few firms expected to be influenced by PayPal’s line of decisions are eBay, Visa, Mastercard and Mercado Pago.