PayPal to Join the Cryptocurrency Market

Digital payments company PayPal has recently confirmed that it has been developing cryptocurrency management capabilities in a letter sent to the European Commission regarding the EU framework for cryptocurrency markets. PayPal and its mobile payment service Venmo will probably soon allow users to buy and sell cryptocurrencies.

"The crypto-asset industry has experienced substantial growth over the past few years. As such, PayPal is continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space," PayPal told the European Commission.

The company also commented on the EU framework for cryptocurrency markets, saying that "The regulatory framework should allow for innovative products and services to be brought to market without undue regulatory burden while simultaneously providing regulatory clarity, guidance, and safeguards." Many market players will agree with PayPal. The EU needs to establish clear guidelines when it comes to cryptocurrency, which will encourage companies and be of benefit to everyone.

The company ended the letter by stating its long-term ongoing goal: "to democratize access to financial services."