Sceptics fail to deter companies from entering crypto fray

RIYADH: Paypal has completed the first international expansion of its cryptocurrency offering outside the US, Arab News reported.

Paypal Crypto is now available to its UK customers allowing them to buy, hold and sell four types of cryptocurrencies.

The official account of Paypal UK tweeted: “We are delighted to share that all eligible customers in the UK can now buy, hold and sell cryptocurrencies such as: Bitcoin, ethereum, bitcoin cash and litecoin from their Paypal account.”

Meanwhile, Laos has allowed a series of cryptocurrency mining and trading projects in the country in contravention of the policies of its central bank which issued warnings against cryptocurrencies just a month ago. The move to allow bitcoin mining is part of the government’s efforts to compensate for the losses caused due to a decline in tourism due to the coronavirus disease pandemic.

Six companies have been authorised to start cryptocurrency trading and mining operations in the country, according to the Prime Minister’s Office.

Laos could also try to attract some of the miners who were expelled from China.

Scepticism

Sergei Shvetsov, deputy chairman of the board of directors of the Bank of Russia, stated that the bank remains skeptical about the acquisition of cryptocurrencies and will not support increased access to crypto markets for Russian investors, most of whom are not certified, according to media reports.

Russia’s central bank is now working with commercial banks to delay payments made on digital asset exchanges.

The move aims to limit cryptocurrency purchases that Russian investors make based on emotion and are not qualified to do so. The move is likely to affect peer-to-peer and over-the-counter trading platforms.

Speaking at the International Banking Forum, the senior official explained: “When it comes to buying cryptocurrency for investment purposes, we are skeptical about this idea. We believe it’s different from traditional assets, it’s highly risky and has signs of a pyramid scheme.”

Trading

Bitcoin, the leading digital currency, traded lower on Sunday and slipped by 1.57 per cent to $47,690.80 at 5:52pm Riyadh time.

Ether, the second most-traded cryptocurrency, was down by 3.46 per cent at $3,357.70, according to data from CoinDesk.

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