PayPal will support transactions with cryptocurrencies

The PayPal payment system has launched a service to support operations with cryptocurrencies, the company reports . Users will now be able to sell, buy and store Bitcoin, Ethereum and Litecoin currencies.

Storage of the currency will be free, until the end of this year, the service will also not deduct a commission when buying and selling cryptocurrencies.

The company promises to realize the opportunity within a few weeks. Until 2021, the service will be available only to users in the United States, in the first half of next year, PayPal will offer a new feature to users in other countries.

Previously, PayPal received a license to operate with cryptocurrencies from the Financial Services Authority of New York. This allows users of the system to pay with digital currency at 26 million points of sale after converting funds into US dollars.

“The transition to digital forms of currency is inevitable,” said CEO Dan Shulman. “We are committed to working with central banks and regulators around the world to offer them support and make a significant contribution to shaping the future role of cryptocurrencies in trade and the global financial system.”

Amid the PayPal announcement, the Bitcoin exchange rate rose by 6.7% to $12,737.

In the summer of 2020, Russian President Vladimir Putin signed the law "On Digital Financial Assets", which defined the concept of "cryptocurrency" and banned the use of digital currencies as a means of payment in Russia. The law will come into force in January 2021, after which cryptocurrencies will be recognized as property and, in particular, will become a mandatory subject of declaration for officials. Earlier, the Ministry of Economic Development of the Russian Federation criticized the ban on the circulation of cryptocurrencies in the country. They believe that such an approach will lead to losses for the Russian economy, as operations with cryptocurrency will be forced out of the country.