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CEO of PayPal: This company will become the national digital currency wallet


PayPal CEO Dan Schulman said Thursday that he believes the company has a significant role to play in the use of national digital currencies (CBDCs). He told an investor conference that PayPal was preparing to become the “digital bag of the world’s national currencies.”

to the the report The Block is part of PayPal’s recently unveiled digital currency product roadmap for becoming a national digital currency platform. “Digital wallets are becoming a convenient way for central banks to distribute tokens to consumers,” Schulman said.

He added:

PayPal is the perfect complement to central banks and the government for distributing national digital currencies in a modern way; So that more people can access the digital economy. We believe this is the focus of the new business we have created.

Many central banks still have a long way to go before the national digital currency is released. European Central Bank President Christine Lagarde has said that the implementation of the digital euro will take years. The Federal Reserve is still researching the digital dollar. However, Schulman said PayPal was looking to use the assets [دیجیتال] There is.

Earlier this month, PayPal unveiled its product roadmap at the Fourth Quarter 2020 Revenue Reporting Conference. At the conference, Schulman described the current financial system as “old” and said it had created a new single bridge focusing on the Blockchain and the digital economy. He reiterated the same views at Thursday’s investor conference.

Shulman said:

As we move toward a modern technology that can be distributed general office technology or other technology, we will see a change in the way digital forms of value spread around the world.

PayPal is also planning to take a closer look at these digital forms of value. Schulman’s remarks indicated broader goals for the distribution of national digital currencies. The “first step” in the product roadmap is to use digital currencies on PayPal as a financing tool, but Schulman said PayPal seeks to digitize other assets through the use of smart contracts and tokens.

He stated:

If you think of some applications in the Blockchain, you are talking about digitizing assets that can be broken down into smaller parts. This is exactly what we are looking for and have included in our roadmap.

According to Schulman, thinking about the long-term and what a new financial system could look like is part of creating usability today.

He added:

This is an opportunity that happens every few decades, [فرصتی که] Those basic rails have been redesigned and we have the opportunity to reshape them.

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