PayPal has confirmed that it is developing capabilities in the cryptocurrency space, according to a letter to the European Commission.
First submitted on March 20, this document is in response to the European Commission’s public consultation on building an EU framework for markets in cryptocurrency assets. Response time lasts from December 2019 to March.
In the letter, the payment giant admitted to continually monitoring and evaluating global developments in the cryptocurrency space and blockchain/distributed ledger, emphasize that it supports a harmonious regulatory approach that does not affect innovation.
Furthermore, PayPal explained its relationship to crypto-assets, noting that in 2019, it joined the Libra Association to learn more about the proposed use of blockchain technologies to provide financial services to people around the globe, then gave up because it started to work on its own solutions in space.
In early June, it was reported that PayPal was considering introducing a direct sale of crypto assets and offering users to store their cryptocurrencies with the company’s internal digital wallet. The representative at the time responded, “Paypal does not comment on rumors and speculation.”
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