PayPal CEO Dan Schulman said the request for crypto-currencies is several times higher than we expected. The CEO believes that the use of cash will be significantly reduced in the future. Referring to the difference between crypto-currencies and CBDCs, Dan Schulman thinks CBDCs are just digitized versions of fiat currencies such as the US dollar.
Dan Schulman said in a magazine with Time that in ten years the use of cash will see a huge decline, stating that all payment tools such as credit cards will be phased out.
The CEO believes there will be a sharp decrease in the use of paper money. Central banks will understand this and will not issue paper money as digital currencies will replace the current payment system.
The CEO of PayPal said he has been examining digital currency and distributed ledger (DLT) technology for about six years.
At that point, I thought what we wanted to do was CRYPTOCURRENCES were an asset rather than a currency. CRYPTO has become a little more common. So we could work with the regulators before we put anything on the market.
PayPal users can buy / sell cryptocurrency since October 2020.
PayPal also allows its US users to pay with Bitcoin, Ethereum, Bitcoin Cash and Litecoin on millions of businesses connected with Paypal. PayPal users can shop using their cryptocurrency at payment points where PayPal is accepted.