Bitcoin Price Skyrockets After PayPal Launches Crypto Payments

The largest electronic payment system PayPal allowed US users to pay for goods and services in Bitcoin and other cryptocurrencies.

March 30, 2021 | AtoZ Markets – The price of Bitcoin (BTC) approached $60,000 after PayPal confirmed on March 30 that it has officially launched cryptocurrency payments.

According to data from  Tradingview, the BTC/USD pair reached its highest level in the last ten days on Tuesday.

According to Reuters’ special report,  PayPal will announce the launch of the long-awaited crypto payment feature for US customers later in the day.

Now US users can pay with cryptocurrency for goods and services around the world. At the start, the company supports payments in the following cryptocurrencies: Bitcoin, Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

In fact, the cryptocurrency will be converted to fiat at checkout. This means that the transaction will not be recorded on the blockchain. It is reported that all 29 million business customers will have access to the crypto payment function in the coming months.

PayPal President and CEO Dan Shulman noted that users will be able to use cryptocurrency like a credit or debit card. He also added that with the payment function, cryptocurrencies will not be viewed solely as an investment asset.

Now virtual assets will become “a legitimate source of funding,” he said.

PayPal is preparing a new infrastructure

Shulman announced that cryptocurrency payments are ready to become part of the global financial system back in December 2020. The COVID-19 pandemic has accelerated the global spread of digital payments, he said.

It is noteworthy that the introduction of crypto payments appears a month after PayPal announced the purchase of the Curv cryptocurrency depository. According to preliminary information, the depository cost PayPal $200 million.

Moreover, at the beginning of the year, the company invested in a startup Taxbit, which offers services for processing taxes on cryptocurrencies. However, the size of the investment remains unknown.

In Russia, things are a little different with cryptocurrencies. Recall, according to the law ” On digital financial assets “, from January 1, 2021, all transactions with cryptocurrencies on the territory of the Russian Federation are legalized. However, the use of cryptocurrencies as a means of payment is prohibited.

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