United States: Companies Enable Crypto Payments, Reports Address Market Developments

A new service from PayPal allows its customers to buy, hold and sell cryptocurrency directly from their PayPal account.

A major U.S. fintech and payments company recently announced that it has begun allowing its customers to buy, sell and hold cryptocurrency directly through its peer-to-peer payments app. Users are permitted to choose among bitcoin, ether, litecoin and bitcoin cash for their transactions, and they also can access in-app tutorials to learn more about cryptocurrencies. The company’s parent company previously obtained a BitLicense from the New York State Department of Financial Services, which enabled this new offering, according to the company’s press release. In related developments this week, a major U.S. news magazine announced that it is now accepting payment in cryptocurrency for digital subscriptions to its content, and a global shared-workspace provider announced that it will begin accepting payment in various cryptocurrencies.

Gemini, a regulated cryptocurrency exchange, has issued its “2021 The State of U.S. Crypto Report,” accessible on the company’s website. The report contains the results of a survey of nearly 3,000 investors and cryptocurrency-curious consumers and focuses on key trends identified by the survey.

A Big Four accounting firm released its newly launched “Global CBDC Index,” which the firm states was issued to allow readers to monitor the ongoing transformation caused by Central Bank Digital Currencies (CBDCs) globally. According to a press release, the index is “designed to measure a central bank’s level of maturity in deploying their own digital currency” and focuses on two main CBDC operational designs: retail CBDCs, which are held by individuals and corporates, and interbank, or wholesale, CBDCs, relating to financial institutions.

Also this week, a large international bank and credit-card issuer released its Global Perspectives and Solutions report, which addresses CBDCs, China’s work in developing its own CBDC, stablecoins and cryptocurrencies, among other major topics. The report notes the soaring interest in cryptocurrencies and notes that among other effects, the tokenization of money could modify, reduce or eliminate the roles of incumbent financial intermediaries and existing payment forms, such as checks and cards.


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