Customers of PayPal in the United Kingdom that have their identities verified with the website will have the ability to buy and sell cryptocurrency. This landmark occasion has come after PayPal first allowed people in the United States to buy crypto more than a year ago. Although transactions for business accounts on PayPal regarding cryptocurrency aren’t allowed yet. Moreover, Citizens of the United Kingdom will be able to buy and sell cryptocurrencies through PayPal on Monday, this week. PayPal recently revealed that people who have a PayPal account in the U.K. will be able to buy and sell Bitcoin, Ether, Litecoin and Bitcoin Cash. This will be available on PayPal’s website and mobile app. This would be the first time that PayPal would enlarge its own cryptocurrency services outside the United States. Jose Fernandez da Ponte pointed out that the digitization of currency during the COVID-19 pandemic was the primary reason why PayPal was entering the crypto market.
PayPal will play a role in highlighting digital assets in the United Kingdom and encouraging more people to invest in them. European usage of PayPal is currently the largest in the United Kingdom because over 2 million U.K. citizens use PayPal each month. Jose Fernandez da Ponte previously stated that it was his responsibility to get more people in the United Kingdom to explore cryptocurrency and invest in it. The news about PayPal expanding its crypto outreach has been spreading since Dan Schulman, the CEO of PayPal, told various shareholders that the U.K. might get the service. PayPal contemplating Defi, or decentralized finance. In the United Kingdom, the Financial Conduct Authority is constraining exchanges regarding cryptocurrencies that don’t meet their governing requirements. Near the beginning of summer, the FCA warned Binance’s U.K. operations about it not being allowed to provide monitored trading earnestly in the United Kingdom. Jose Fernandez da Ponte previously stated that PayPal is more than willing to work with regulators in the United Kingdom and even around the world in managing the rise of its cryptocurrency offerings.