Cryptocurrency Needs to be used as Currency rather than a Digital Asset for Mass Adoption, says PayPal CTO
The chief technology officer (CTO) at PayPal, Sri Shivananda, recently talked about the usage of digital assets and stressed that cryptocurrency needs to be accepted as a currency for customers’ usage in daily life rather than a digital asset. Ripple Foundation, however, has been working to use the XRP as a digital currency in remittance services worldwide.
Shivananda expressed his views about cryptocurrency while addressing at Economic Times Global Business Summit. According to him, digital money still has a long way to go to be considered a reliable currency for payments. He highlighted two different perspectives regarding cryptocurrency. He believes that people take it as an asset only, but for adoption on a large scale, the digital currency must be accepted for payments. This is the only way to mass adoption.
He said:
‘’What’s happened with crypto is many cases it’s become a little more of an asset play than a currency. The main thing to keep in mind is this business is to follow consumers. If consumers start to feel like there’s some leverage that they get through cryptocurrencies, everything else will automatically fall in line.’’
PayPal CTO also praised the decision of the Indian Supreme Court for lifting the ban on crypto trading. Two years ago, the Reserve Bank of India (RBI) banned the trading of cryptocurrency in the country. However, the prosecutors are reviewing the decision.
Why PayPal left Facebook?
When Facebook announced to launch its cryptocurrency called Libra, PayPal was also included as a partner. But later on, the payment giant left Facebook’s crypto project following the heavy investigation by the US prosecutors.
At that time, it was informed that PayPal separated because they wanted to focus on their core business. Shivananda, however, unveiled another reason for separation from Facebook. According to him, they partnered to serve the ‘’ under-served, the people that are not supported by the system today.’’ But the actual case was not that and it ‘’ felt like that was not going to be the case, in the short to medium term’’
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