PayPal CEO Says Cryptocurrencies Are Just an Experiment for Now
Speaking at the Economic Club of New York in Manhattan, PayPal CEO Dan Schulman said cryptocurrencies have a very uncertain future, according to Bloomberg. “Regulations need to be sorted out and a whole number of other things,” he said. “It’s an experiment right now that is very unclear which direction it will go.”
Last week news emerged that PayPal filed for a patent aimed at expediting virtual currency transactions, leading some bitcoin enthusiasts to assume the company was taking a hard look at it. However, some analysts noted that the patent was actually filed 18 months ago and was only recently made public.
A PayPal spokeswoman said “we are interested in any technologies, processes or applications that have the potential to enable of our mission of financial inclusion.” Blockchain, on the other hand, is a different story. Schulman told the crowd that blockchain will be the more powerful part of the landscape, and that cryptocurrencies are “just one application.” PayPal currently has a team looking into the potential ways it can use blockchain in the future, according to the spokeswoman.