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Xiaomi Takes A “Wait And See” Approach To Crypto Involvement

The leading Chinese tech behemoth isn’t planning to include digital asset investment or management as part of its services. A top-level executive of the company, Manu Jain, tells the media that the company won’t make any crypto-related investment until the authorities provide more clarity regarding the crypto space.

He further said, “we prefer to wait until there is proper regulation. Cryptocurrency is and has been the buzzword for a long time now. We are interested in it, but we want to have more understanding about its regulation. We won’t want to be involved in it and have issues with any jurisdiction.”

Xiaomi Deny Prior Crypto Involvement

As widely reported, a Xiaomi franchise based in Portugal recently announced it would start accepting crypto payments in its shop. But Xiaomi put out a notice that the franchise’s decision does not correlate with them.

Thus, the Portugal-based shop quickly announced that it had stopped accepting crypto payments for products in its shop. Suppose the China-based smartphone tech firm chose to get involved with digital assets. In that case, it might have to do so through any of its non-China-based subsidiaries since China continues to be more aggressive with its anti-crypto policies.

Paypal Allows UK Shoppers To Start Using Virtual Currencies

Following last year’s announcement that its US customers can start performing crypto transactions on their accounts, the digital payment behemoth is now prepared to extend the same help to its UK users. UK users will also perform digital assets transaction through PayPal’s website and app like their US counterparts.

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Once they are logged in, they can view live prices and even improve their crypto knowledge through the content provided by the platform. A senior PayPal executive further revealed that the company is in close dialogue with financial authorities to avoid any violation of terms.

He also explained that “we want our UK users to have cryptocurrency exposure through our experience. We continue to provide support for the crypto space in line with the appropriate regulatory procedures.” Part of the announcement also revealed that its virtual asset services had exceeded all its expectations.

Top Payment Processors Created More Crypto Exposure For Retailers

Paypal and other leading payment processors partly contributed to the latter-stage bullish run of the crypto market because they further exposed retailers to this asset category. Mastercard and visa are already at the forefront of developing NexGen crypto-related FinTech systems.

The former has allowed some firms to provide crypto cards to their customers, while the value of visa’s virtual asset transactions so far has exceeded $1B. These events show the growing interest of retailers in the burgeoning crypto industry.

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Hence, they might be more responsible for the current market bull than the institutional investors whose increasing entrance into this sector was responsible for the bullish run from January 2021 till May 2021. Coingecko data reports that Bitcoin price has surged past its crucial resistance this morning and now trades slightly above $50K. In addition, the king coin’s market cap is now close to $901B. 


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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