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In a recent interview with CTech, PayPal CEO Dan Schulman discussed the future of finance, digital assets, and the role his firm will play in the digital economy.
Schulman said to be “very excited” about the the impact crypto and digital ledger technology have on the financial system and can help it improve. Therefore, the CEO said the world needs to look beyond price action and short-term speculation of Bitcoin (BTC) and other crypto assets, and focus on the practical advantages instead. He said:
“The initial things that everyone thinks about Crypto, buying and selling it, and what the price of bitcoin is going to be tomorrow, that’s the least interesting part about digital currencies to me. That is thinking about digital currencies as an asset class. To me, the real exciting thing about digital currencies is what kind of utility can they provide in payments.”
Noting central bank digital currencies (CBDCs) as a trend in the global financial world, with China leading the development, Schulman anticipates the financial space to be transformed when the old-meets-the-new. He said:
“The intersection between CBDC, stable coins, digital wallets, and enhanced utility of payments through cryptocurrencies is not just fascinating but I think will redefine a lot of the financial world going forward.”
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In February PayPal announced it had put together a team of industry experts to serve as advisors on crypto, blockchain and digital currencies, readying the firm for the future.