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PayPal Will Let Customers Withdraw Crypto, Exec Says

Coindesk | Benedict George | May 26, 2021

Paypal crypto - PayPal Will Let Customers Withdraw Crypto, Exec Says

 "We want them to be able to take the crypto they acquired with us and take it to the destination of their choice," says Jose Fernandez da Ponte.

Global payments giant PayPal plans to let users withdraw cryptocurrency to third-party wallets, its blockchain lead said.

Speaking Wednesday at CoinDesk’s Consensus 2021 conference, Jose Fernandez da Ponte told moderator Jeff John Roberts that a withdrawal function is in the works. At present, PayPal does not let users move cryptocurrency holdings off-platform, though it has let customers buy bitcoin (BTC, +11.97%) and other cryptocurrencies since October 2020.

“We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay,” da Ponte said. “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”

See:  Bitcoin price hits record high for 2020 after PayPal finally adds cryptocurrency

The company ships new developments every two months on average, he said, though it’s unclear when the withdrawal functionality is coming.

PayPalCoin?

On a rumor that PayPal plans to launch its own stablecoin, da Ponte was more downbeat. “This is way too early,” he said.

Roberts, executive editor of news site Decrypt, probed da Ponte about central bank digital currencies (CBDCs), since the PayPal vice president said he has met with central bankers around the world.

“It absolutely makes sense that central banks will issue their own tokens,” he said. But he did not accept the common view that only one out of stablecoins or CBDCs would become dominant. Sometimes we position the debate as CBDCs versus stablecoins, but it’s a bit of a fake debate. There is no trade-off. We think they will co-exist.”

In da Ponte’s experience, central bankers have two priorities: financial stability and universal access. He could see plenty of ways to achieve stability with digital currencies, not only by backing a stablecoin with fiat currency but potentially by backing one with a CBDC.

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And digital currencies could help expand access to the financial system, he said. He pointed out that one county in California, near where he lives, is a “banking desert”: there are no physical branches. That might not matter in a world where CBDCs have been rolled out across the country, he suggested.

But da Ponte was clear that there is a lot more work to be done. “On the subject of CBDCs, there are a lot of Powerpoints written, but not a lot of code written.”

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