As cryptocurrency making its place in the fintech world, the traditional financial institutions such as banks need to adopt cryptocurrency. According to Paxful CEO Ray Youssef, the banks will be left behind if they do not accept crypto potential with open arms.
While giving an interview with The Cryptonomist, Paxful co-founder talks about the things, which need to be addressed by banks as well as regulators. He believes payment giant PayPal has decided at the right time to accept Bitcoin because there is no other way.
PayPal’s Entry is Positive for the Crypto Sector
Following the footprints of PayPal, all banks should encourage and accept cryptocurrency. If they are not willing to accept crypto potential then cryptocurrency is “going to leave them in the dust.” Smart banks have joined the race of crypto innovation, while small level financial entities are also entering the space one by one.
Youssef seems very optimistic for PayPal, but the payment giant needs to do something more for the growth and adoption of the sector. For instance, PayPal should allow outside transactions, which would encourage more people to onboard the crypto ship. “If PayPal really wants to help crypto rather than just help themselves, what they should do is allow people who have PayPal accounts to transact with crypto OTC, outside of PayPal,” he stated.
If PayPal really wants to grow the crypto sector, it must allow “external BTC transactions” if they are legitimate. To provide legal clarity to cryptocurrency, the concerned regulators need to understand it and then roll out rules and regulations that foster innovation in the sector while restricting illicit activities. He argues that it is the duty of crypto members to work with regulators to roll out regulations that “protect the people, while at the same time allowing innovations to continue.”
Paxful CEO further claims the crypto sector could witness more innovation and advancement if there is legal clarity around it which is currently lagging behind thus lacking people’s trust.