Cryptocurrencies should be used for payments if they want to grow, says PayPal CTO
PayPal CTO Sri Shivananda believes that cryptocurrencies still have a long way to go in terms of mass adoption. While supporting the removal of India's ban on digital assets, he noted that most consumers view them as assets rather than applicable currencies for actual payments.
Sri Shivananda, the CTO of PayPal, one of the world's largest online payment companies, I speak recently at the recent Economic Times Global Business Summit. Among other financial topics, he also offered his views on the state of cryptocurrencies. According to Shivananda, people should start using digital assets for payments, rather than focusing on the value of their assets.
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PayPal CTO says more use cases are needed
Shivananda also stressed that the digitization of currencies is only a matter of time with the constant growth of the internet. When all stakeholders - including consumers, merchants, regulators, governments and fintech companies - understand the merits and the need, digital assets will play a vital role, he said.
What happened with cryptocurrencies is that, in many cases, it has become a bit more of a game of assets than a currency. The main thing to keep in mind is that this business is following consumers. If consumers start to feel that there is some influence they get through cryptocurrencies, everything else will automatically align.
Shri Shivananda
The Paypal CTO also spoke about the latest cryptocurrency related news coming from his home country India. How we report in the past week, the Supreme Court of India lifted a two-year ban from the Reserve Bank of India (RBI) on trading digital assets. Although the RBI is reportedly planning to retaliate, PayPal CTO believes this is a step in the right direction.
