PayPal is now opening its cryptocurrency purchase and custody services to residents of Luxembourg. If this news is encouraging for the future, we will see that it has some limits.
It will be possible to buy cryptocurrencies on PayPal in Luxembourg
PayPal is now exporting its cryptocurrency business to Luxembourg. This is not new, the famous payment service provider is taking a close interest in cryptocurrencies, and this new step, which will be rolled out in the coming days, confirms the ambitions of the giant.
PayPal had started such activities with the United States in 2020, then with the United Kingdom in September 2021. This rapprochement with the regulators of a country of the European Union can then give hope for an extension of these services to the whole of the continent in the future.
The choice of Luxembourg by PayPal is not insignificant, because the country is one of the main financial centers in the world. The company also highlights close collaboration with local authorities:
“We are committed to continuing to work closely with regulators and policymakers in Luxembourg to contribute significantly to shaping the role that digital currencies will play in the future of finance and commerce globally. »
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However, limited services
Despite the fact that a major cryptocurrency player like PayPal is encouraging for mainstream adoption, however, the company’s actions remain limited. And for good reason, these services only focus on four assets for the moment:
- Bitcoin (BTC);
- Ethereum (ETH);
- Litecoin (LTC);
- Bitcoin Cash (BCH).
Moreover, if in the United States, it is now possible to withdraw cryptocurrencies from your PayPal account, or to receive them, it seems that this possibility is not yet supported for Luxembourg users. The platform also offers educational documentation on the subject, and as with any centralized provider, KYC verification will be required for the use of crypto services.
While the blockchain shift of such major companies bodes well, the room for improvement nevertheless remains substantial. These cautious steps remain understandable despite everything so as not to hold up the regulators, so much do we remember the disappointment of Meta, when it was still called Facebook and had initiated the Libra project.
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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