PayPal adds support for cryptology for US citizens

13.11.2020
Payment system PayPal has added the ability to buy, sell and store cryptovolves for American users since November 12;

Initially, PayPal set a weekly limit on buying cryptovolves at $10,000, but now this limit has been increased to $20,000.

PayPal CEO Dan Schulman said PayPal will notify U.S. customers of the availability of cryptographic services in the coming days. Dan Schulman added that the switch to digital currencies is inevitable, as it enhances public access to financial services and increases the speed and stability of the payment system. Besides, due to the introduction of crypt-currency the government bodies will be able to quickly and efficiently distribute funds among citizens;

From the beginning of 2021 PayPal plans to add support for cryptov currencies for clients from other countries as well. Users will be able to instantly convert crypto assets to fiat currency without additional fees, and sellers will receive payment in regular money. In fact, crypt currency will be another means of payment using PayPal wallet. Eventually, PayPal plans to make crypt currency payments available in 26 million stores around the world;

Shulman noted that PayPal has received a Bitlicense from the New York State Department of Financial Services (NYDFS). However, despite this fact, many tax experts are sure that support of crypto assets in PayPal payment system will complicate the process of financial reporting, and users may have problems with tax authorities. Strategy Director at CoinShares Meltem Demirors thinks that after adding support for digital assets, PayPal can launch its own cryptographic software;