Last year the European Commission opened a consultation about regulating digital assets and cryptocurrencies or what it refers to as crypto-assets. In June, responses were published, including a letter from Paypal stating that it has developed capabilities in the sector since withdrawing from Libra. This follows an earlier CoinDesk report stating PayPal and subsidiary Venmo will offer cryptocurrencies.
The company was one of the initial members to commit to Facebook’s Libra, but it subsequently withdrew along with several other major players.
In the letter to the EU, it outlined this as background: “In 2019, PayPal initially signed a non-binding letter of intent to participate in the Libra Association with the intention of learning more about the proposed use of blockchain technologies to provide financial services to unbanked populations across the globe.”
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
