PayPal CEO Dan Shulman has confirmed the company's intention to become a distributor of central bank digital currencies (CBDCs).
During a conversation with investors, he said thatthe largest electronic payment system is the most suitable channel through which central banks and governments can distribute CBDC internationally. The roadmap also states that the company is exploring the possibility of supporting tokenized assets and using smart contracts.
According to Shulman, the current financial system is outdated, soPayPal has created a new division,focused on blockchain and digital economy. The company expects modern technology to fundamentally change the ways and forms of moving value around the world over time.
The company is currently promoting its cryptocurrency service and plans to open access to it to UK residents.
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