PayPal will allow UK users to purchase and sell cryptocurrency for first time

The new crypto section will enable customers to purchase, sell and hold a variety of currencies through the app and website.

PayPal will allow UK users to purchase, hold and trade cryptocurrency via the payment platform.

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

PayPal will add a new tab for crypto that will show real-time currency prices and offer educational content to answer common questions.

According to the payment giant, it hopes that the decision to accept the currency will increase knowledge and understanding.

The volatility of cryptocurrencies and their lack of regulation are still controversial. Some critics also have concerns about the anonymity provided to users during transactions. They argue that cybercriminals are using currencies to conceal their activities.

Jose Fernandez da Ponte is vice president and general manager for crypto, blockchain and digital currencies at PayPal. He said that the new service would help to introduce more people to the technology, how it works, and help to shape the future role of the currencies.

He stated that the pandemic had accelerated digital innovation and change across all aspects, including the digitalisation of money and increased consumer adoption of digital financial products.

“Our global reach, expertise in digital payments, knowledge of consumers and businesses, as well as rigorous security and compliance controls, gives us the unique opportunity and responsibility to help people in the UK explore cryptocurrency.

“We have committed to working with regulators around the globe to offer our support and to shape the role that digital currencies will play in the future global finance and commerce.

PayPal confirmed that the new service would start rolling out this week, and would be available for all eligible customers in the coming weeks.

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