PayPal customers increased the share of cryptocurrency transfers

27.04.2021 |

PayPal CEO Dan Schulman talked about the increased demand for cryptocurrencies from the company’s clients. He also opined that in the next five years the global financial system will undergo a global transformation, the amount of which will be bigger than all the changes in the last couple of decades. The main point of this progress will be abandoning the use of cash in payments, and paying for goods and services will mostly be done via mobile devices and apps.

Shulman also talked about central banks’ digital currencies. In his view, in most cases, CBDC is simply a digitized version of existing money, without much transformation on the technical side, although some countries are using blockchain to create their own digital assets.

At the same time, with the increasing use of innovative financial technologies, companies will have to pay more attention to cybersecurity, which may lead to a shortage of specialized personnel in the labor market.