PayPal’s President Confirm’s To Launch Facebook’s Cryptocurrency By 2020
PayPal’s President Dan Schulman Confirmed the launch of Facebook’s Newly dubbed Libra Cryptocurrency In the Q1 of 2020 and also confirming PayPal to be a part of their upcoming new projects.
According to a new report published by Valor, a Brazilian newspaper, Schulman believed Libra Coin to be a stable and inclusive currency and also providing new options to financial systems.
Blockchain may have more potential to provide services that can attract a number of people.
In a recent news interview he noted the point that PayPal had to invest hundreds of millions of dollars for risk management and to keep up with the regulator’s policies.
To this, he said “When they approached us about the libra, it was clear to me that the idea of potentially using blockchain opens an avenue to reinforce our mission to serve the unbanked.
Schulman also emphasized that still, more than 2 million worth population are currently outside of the financial systems.
According to a recent study in the United States 70 million people in the U.S alone spend about 10% of their income on various financial services like ATMs, withdrawals, transactions, etc..
As per PayPal’s executive Americans had spent over $140 million in using financial services, but this can be eliminated by using Cryptocurrency and thus allowing the person in need to keep the money with him, instead of spending on these financial services.
Facebooks Libra currency has a cross-platform usage and can be used on various platforms like WhatsApp, Instagram and Facebook itself thus providing financial services to the left out 2 billion people.
Federico Schumacher, PayPal’s managing director for Brazil and Mexico, also quoted as saying the Libra cryptocurrency could be used as a payment method, instead of as an investment.
Therefore Stating: We’ve seen technology-rich cryptocurrencies be used as an investment, rather than as a currency.
Between all this Walmart also recently filed a patent for a Libra like stablecoin which could be used in their stores.
