PayPal crypto plans in Germany – News from Leipzig

PayPal will be familiar to most eventually, although they are among the few who have never used the service. The American company has been around since 1998 and is considered one of the early representatives of Silicon Valley, California. The service was over the years purchased by the online auction platform Ebay, but has again functioned independently since 2015 – and with great success.

More than 420 million people use the service worldwide, which has enabled PayPal to establish itself as the market leader in online transactions. Revenue, which was about $ 25.37 billion last year, is also impressive. PayPal convinces its users on the one hand with a high level of security and on the other hand with its extremely easy handling, in the browser or in the app.

For a short time now, the company has wanted to devote itself to a new field that has attracted much attention in recent years – cryptocurrencies. Already in 2020, they announced that they would not only revise their mobile app, but also to open up completely new avenues. The project included the opportunities for trading and buying with the digital funds.

Purchasing cryptocurrencies with PayPal has therefore been possible in the US since the fall of 2020, and payment with the funds since 2021. System integration in the UK followed the same year as the first European station. In Germany, one must be patient before the service is available to this extent in this country.

Cryptos conquer the financial service providers

Basically, cryptocurrencies are no longer a marginal phenomenon in Germany. In addition to the growing interest from private investors and companies, the understanding of the broad masses around Bitcoin and Co. is also growing. Governments have also recognized the important developments and are responding accordingly.

While some are looking for new forms of regulation and taxation, the main issue was the recognition of the need for digital money. The European Central Bank (ECB) is currently working on a digital euro to replace coins and banknotes. Of course, cash will not disappear in the foreseeable future, but it is still a meaningful project.

The subject is also present in Saxony. Reports and information days aim to bring light into the darkness for those who are interested and want to learn more about the subject. Prof. Fritz Lang published a report at the Meissen University of Applied Sciences in 2018 with data and, above all, tax aspects related to cryptocurrencies. Tax advisers, insurance brokers and other experts in Leipzig offer support on the subject, which should still be treated with caution.

This year, Fabian Herbolzheimer, financial advisor at the Consumer Advice Center in Saxony, advised that, if possible, seek advice from experts before entering the highly speculative business of alternative currencies. The fact that there is now a so-called Bitcoin regular table in Leipzig, which meets once a month for discussion, shows that private individuals are also curious. For anyone interested, there is a lively exchange on cryptocurrencies.

There are already many opportunities to enter the market. Whether it is through a broker, on a crypto exchange or with ETFs speculating in the value process – there are different variants of options for everyone. The corresponding research should not be neglected because the numerous currencies and the very volatile exchange rates should be studied in as much detail as possible.

PayPal can now make the move easier for many people who want to explore this market. The company has not yet been able or willing to publish specific information for Germany, but many insiders assume the update will follow this year.

Sooner or later, the services related to the supported coins will also be available on the market in Germany. Unlike some other countries, people’s shopping frenzy is limited. If a widely used service like PayPal offers the corresponding options, it may well be that more people in this country are dealing with the subject.

Own barn coin planned

It’s not the only big plan in the crypto space. Last year, PayPal’s new app also revealed ambitious plans for its own cryptocurrency. The PayPal coin is intended to be a stable coin, ie. to be based on the exchange rate of a national currency, in this case the US dollar. The project has now been confirmed by the company.

There is also no concrete information on this topic. However, what has recently been implemented in the US are innovations in the field of cryptocurrencies for users. In addition to buying and paying for the most common cryptocurrencies, a pilot project has now been launched that makes it possible to transfer, send and receive Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

PayPal is thus a step further in making cryptocurrencies easily accessible to the public. It is not clear when exactly German users will also be able to benefit from the updates, but there are many indications that this will happen this year.

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