JAKARTA – Dan Schulman as CEO of PayPal stated that crypto technology will be very useful in the future, especially for the financial system. The top brass of the world's largest payments giant made his remarks ahead of the Axis international investment conference in Tel Aviv.
Schulman hopes a lot in the technology that underlies crypto, namely blockchain, which is predicted to be able to revolutionize the global financial system in the future.
“I am very excited about what crypto technology and digital ledgers can do to the financial system of the future…”
According to Bitcoinist, Schulman's high hopes for crypto extend far beyond Bitcoin (BTC) into the realm of real-world use cases, such as crypto as a payment option.
Schulman stated that the most attractive thing about digital currency is its utility as a means of payment. He blatantly dislikes crypto as an asset class.
“I think the initial things that everyone thinks about crypto, buying and selling it, and what Bitcoin price will be tomorrow, that's the least interesting part about digital currencies for me. It thinks of digital currencies as an asset class. For me, the really interesting thing about digital currencies is what kind of utility they can provide in payments.”
In particular, the CEO of the payments giant thinks central bank digital currencies (CBDCs) and digital wallets have the power to redefine everyday financial interactions.
“Clearly, around the world, central banks are considering issuing digital currencies. The intersection between CBDCs, stablecoins, digital wallets, and the increasing utility of payments via cryptocurrencies is not only exciting, but I think will redefine much of the world of finance going forward.”
However, the majority of countries around the world are still reluctant to use crypto as a means of payment because it is considered to have high volatility. Until now, only El Salvador has made cryptocurrency an official payment option.
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