Weeks after PayPal announced the first international expansion of its cryptocurrency offering outside the United States to the United Kingdom for its customers to buy, hold and sell digital currencies, the company has now completed the launch for all eligible PayPal account holders. Customers will be able to choose from four coins – Bitcoin, Ethereum, Litecoin, and Bitcoin Cash through their PayPal account and view crypto prices in real time, find answers to frequently asked questions, and learn about crypto opportunities and risks. “With a trusted brand like PayPal now making entry, access, knowledge and exploration of cryptocurrency has the potential to become mainstream in the UK,” PayPal said.
“The pandemic has accelerated digital change and innovation in all aspects of our lives, including the digitization of money and greater consumer adoption of digital financial services… We are committed to continuing to work closely working with regulators in the UK and around the world to offer our support and make a significant contribution to shaping the role digital currencies will play in the future of global finance and commerce, ”said Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies, PayPal in a statement. Users will be able to purchase as little as £ 1 of cryptocurrency through PayPal.
Also Read: Regulators Will ‘Kill’ Bitcoin If It Truly Succeeds, Says Founder of World’s Largest Hedge Fund
PayPal has stated on its website that sales of cryptocurrency may be taxable, and gains or losses from sales of cryptocurrency may be subject to capital gains tax or income tax. Income. The company’s cryptocurrency service will not be regulated by the UK Financial Conduct Authority or the Luxembourg Commission de Surveillance Du Secteur Financier. “Therefore, if something is wrong with the cryptocurrency, you will not be able to use the UK Financial Ombudsman Service, the European Consumer Center or benefit from the protection of a UK or Luxembourg financial services compensation scheme. “the company added.
PayPal co-founder and one of Silicon Valley’s leading venture capitalists, Peter Thiel, warned earlier this year that Bitcoin could serve as a “Chinese financial weapon” that could pose a threat to the United States . In a virtual seminar hosted by the US-based nonprofit Richard Nixon Foundation, Thiel said, “Even though I’m a pro-crypto, pro-Bitcoin maximalist person, I wonder if at at this point, Bitcoin should also be thought about. partly as a Chinese financial weapon against the United States where it threatens fiat currency, but mostly it threatens the US dollar and China wants to do things to weaken it.