Online payments company PayPal could facilitate the distribution of central bank digital currencies (CBDCs), according to the company's chief executive.
Dan Shulman described how PayPal’s digital wallets could be used to distribute the digital currencies at the company’s recent investor day, coindesk reported.
“You think about how many [digital wallets] we’re going to have in the next two, three or five years, and we’re a perfect complement to central banks and governments to distribute those digitised forms of currency,” said Shulman, according to the cryptocurrency news website.
The PayPal chief exec also said that the company is exploring smart controls and tokenisations of other non-crypto assets.
“This is a once in a multi-decade opportunity where the fundamental rails of the system are going to be redefined and we have a chance to help shape that,” added Shulman.
The plans come less than a month after the Bank for International Settlements (BIS) said that if digital currencies are needed, central banks should be the ones to issue them.
Both the Bank of England (BoE) and the European Central bank are exploring the possibility of launching their own digital currencies.
In the past few weeks BNY Mellon, Visa, and Tesla have revealed plans to either support or develop digital currency bitcoin.
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