Blockchain & Crypto

Paypal launches cryptocurrency services in the UK

Paypal has launched cryptocurrency services in the UK. Under the new service, Paypal will allow UK customers to buy, hold, and sell digital currencies. The announcement marks the first international expansion of PayPal’s crypto product.

The cryptocurrency feature of Paypal lets customers buy or sell Bitcoin, Bitcoin Cash, Ethereum, or Litecoin for as little as £1. Further, users can also track crypto prices in real-time, and find educational content on the market. Similar to the US, PayPal is relying on Paxos, a New York-regulated digital currency company, to enable crypto buying and selling in the U.K. PayPal said it has engaged with relevant U.K. regulators to launch the service.

Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto, and digital currencies at PayPal, said in a statement:

We are committed to continue 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.

Players offering Crypto-Services want to enter India too

Amidst reports of global crypto exchanges planning to enter India, it was reported last week that a Cryptocurrency Law has been tabled before the Cabinet.

Although crypto adoption rate in India is very high, in Jan 2021, the government introduced the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021. The bill would reportedly ban cryptocurrencies while also granting the Reserve Bank of India (RBI) the legal authority to establish a Central Bank-backed Digital Currency (CBDC).

Meanwhile, the RBI has issued a compliance note to banks, asking them not to stop crypto traders and exchanges. However, it had asked banks to comply with the provisions of money laundering and FEMA. It has also expressed that it still has major concerns on cryptocurrency.

Before that, the government had amended the law to ask companies and crypto exchanges to disclose crypto related transactions. There were also reports that the government may establish a new crypto-regulation panel. The earlier coommittee of the Finance Ministry recommended a complete ban, but is said to have changed its views since then. The Ministry could task the new committee to study cryptocurrencies as digital assets besides exploring use cases of blockchain.

Meanwhile, the crypto industry has initiated processes to set up a formal board to create and implement a self-regulatory code of conduct for exchanges.

The biggest news, however, is RBI’s plans to kick off pilot projects to assess viability of CBDCs in the Indian market.

Do subscribe to our Telegram channel for more resources and discussions on tech-law. To receive weekly updates, don’t forget to subscribe to our Newsletter.

Rajat Chawda

Rajat is a student at the Institute of Law, Nirma University. Since a young age, he was fascinated by the technological advancements and his fascination with gadgets has helped him develop a keen interest in TMT Laws in his journey as a law student. He is associated with Mylawrd to further engage himself and learn in this area.

Share your thoughts!

This site uses Akismet to reduce spam. Learn how your comment data is processed.