The adoption of cryptocurrency has been a major topic of discussion in the financial market and the factors that affect it have repeatedly been analyzed. The industry was also conducive to the point made by officials, and that was exactly what happened on Monday.
Just recently, Sri Shivanada, the Chief Technology Officer of Paypal talked about how crypto use cases need to be developed so that there is widespread adoption across the globe.
PayPal CTO Shivananda spoke at the latest Economic Times Global Business Summit 2020 where he said that the cryptocurrency industry is truly at the forefront of cutting-edge technology. According to him, the future was bright in terms of financial developments, but for cryptocurrencies to be considered fully legitimate, some tests had to be carried out.
He believed that cryptocurrencies need to overcome their name tag of ‘speculative’ and instead prove to everyone that it can compete on level playing fields. The PayPal official was one of many who sided with the rise of cryptos and even said the positive turn will occur soon. Shivananda continued:
“The developments will urge crypto-related businesses to become more user-centric and develop products that benefit the users. I believe that digitization of currencies is, in fact, not a matter or not it will take place but when it will take place. And that’s when it will necessitate participation from all industry players, regulatory authorities, and the government.”
Shivananda even talked about how cryptocurrency companies can take inspiration from India’s Unified Payment Interface [UPI]. The UPI is a unique real-time payment system that facilitates interbank as well as person-to-person payment transactions.
He said that the National Payment Corp of India was an “inspiration-worthy” model for cryptocurrency to grow in developing regions like India. Many proponents have admitted that the concept of UPI was extraordinary and that its teachings could be applied across the globe.
PayPal has been an active player in the cryptocurrency industry for a long time and had made a splash when it pulled out of Facebook’s Libra Association. This decision came after regulators pointed out anomalies within the Libra framework. The Elon Musk co-founded company stopped all participation in the project and reaffirmed that they will not contribute anything to the Libra project.
PayPal was part of a roster that included MasterCard and Visa, both of which pulled out at later stages. The European Union was quoted as saying that Libra’s plans would have massive ramifications on the financial world. During the latest summit, Shivananda explained that the initial partnership with Libra was done on the basis of serving underserved regions of the world.
The comments made by the PayPal CTO Shivananda came a few days after the Supreme Court of India shot down the crypto ban established in 2018. The ban was raised by the Reserve Bank of India [RBI] initially because the central bank was fearful of the scams that originated from the digital asset industry. Now that the ban has been lifted, officials such as Shivananda can openly cite plans for organizations to adopt cryptocurrencies.
