PayPal to allow UK users to buy and sell cryptocurrency

PayPal to allow UK users to buy and sell cryptocurrency. image: Twitter

PayPal to allow UK users to buy, hold, and sell cryptocurrency for the first time.

PayPal is to allow users in the UK to buy, hold and sell cryptocurrency through the payment platform for the first time in the companies history.

The firm said its new service would allow customers to choose from four types of digital cryptocurrency: Bitcoin, Ethereum, Litecoin and Bitcoin Cash and will be available both via the PayPal app and website.

A new crypto tab will be added to the PayPal platform, showing real-time currency prices as well as offering educational content to help answer common questions and learn more about cryptocurrencies, including the potential risks, PayPal said.

Cryptocurrencies remain controversial because of their lack of regulation and volatile value fluctuations, and some critics have raised concerns about the anonymity offered to users as part of transactions, arguing the currencies are being used by cybercriminals to hide their activities.

Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said the firm’s new service could help introduce more people to the technology and how it works, helping to better shape the role the currencies could play in the future.

“The pandemic has accelerated digital change and innovation across all aspects of our lives, including the digitisation of money and greater consumer adoption of digital financial services. Our global reach, digital payments expertise, and knowledge of consumers and businesses, combined with rigorous security and compliance controls provides us with the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency.

“We are committed to continuing working closely with regulators in the UK, and around the world, to offer our support and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce,” he said.

PayPal confirmed the new service would begin rolling out this week and would be available to all eligible customers within the next few weeks.

 


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Ron Howells

Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.

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