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According to recently announced, Paypal Holdings Inc has accepted for US customers to use virtual money to withdraw real money. This move is likely to stimulate the appreciation of a series of digital currencies in the world.
Specifically, American consumers who own Bitcoin, Ether, Bitcoin Cash or Litecoin in Paypal’s e-wallet can exchange for real money at its locations. This service was piloted by Paypal in late 2020 and will be available across all 29 million branches of the company next month.
“This is the first time that you can use digital money as a form of withdrawal card or credit card through the Paypal e-wallet“Chairman Dan Schulman said.
In fact, these Paypal withdrawal locations allow users to buy, sell and hold crypto, a risky move for businesses. This is also the first major financial firm to accept the cryptocurrency business, thereby pushing the price of a series of virtual currencies to new prices in the near future.
Since the beginning of the year, the most popular digital currency in the market, Bitcoin, has risen by almost 100% due to the participation of many major financial institutions when betting on the anti-inflation of cryptocurrencies.
Paypal’s move comes less than a week after Tesla announced the acceptance of selling electric cars with Bitcoin. However, instead of having to go through a real money exchange like Paypal, Tesla said it will accept direct payments in Bitcoin.
However, the Bitcoin payment cannot become a movement due to its strong price volatility. Paypal expects this can be changed by making the digital currency a public entity market, thereby limiting the speculative risk of investors.
“We think this is a transitional point where the cryptocurrency is from being a conventional asset to a legitimate financial resource for real-world transactions with millions of middlemen.“Schulman said.
As expected, Paypal will not charge transaction fees in digital currency and each purchase can only use one virtual currency.
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