PayPal Technical Director: Cryptocurrencies should interest consumers

The benefits of cryptocurrencies should be obvious to consumers so that they can be widely disseminated, says Sri Sivananda, PayPal CTO. Thus, according to the Times of India, he commented on the decision of the Supreme Court of India to remove restrictions on operations with digital assets.

“Cryptocurrencies in many cases have become for the most part an asset game than a currency,” he said. – There is a main rule in this business: you need to follow the client. If consumers see the benefits of cryptocurrencies, everything else will follow by itself. ”

At the same time, Sivananda expressed confidence that the money will eventually go digital. This will require the participation of consumers, sellers, financial technology companies, regulators and authorities, he added.

Commenting on PayPal’s refusal to participate in the Libra Association, Sivananda said that the company doubted the ability of the project to achieve its stated goals in the short and medium term, namely, to help “people who are not supported by the existing system”.

Speaking about digitalization of payments, PayPal manager mentioned the Unified Payments Interface (UPI) system used in India. “The UPI experience is inspiring. This model was not only implemented, but also works. All countries and companies should look at such examples to get inspiration and ideas for reproduction all over the world, ”he said.