In an online web summit titled ‘The Cashless Era’, CEO of payments giant PayPal, Dan Schulman advocated for a unification between crypto firms and government institutions.
Hosted by CNBC Squawk Box host Andrew Ross Sorkin, the discussion delved deep into PayPal’s adoption of digital assets and the outstanding issues concerning cryptocurrency regulation, before looking ahead to the future prospects of fintech.
Schulman called for a collaboration with financial authorities, arguing the case that unity is the only viable solution for greater utility in the market.
“There is only one way to approach this, and that is working hand in hand with regulators.”
PayPal were one of 25 companies who attained a Bitlicence this year for cryptocurrency trading services in the state of New York. Following this, they launched a new feature which enabled users to buy, sell and hold cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash on their platform.
Schulman pointed to these successes as justification for the company’s pro-regulatory stance.
Paradox of Decentralisation
It’s not the first time a corporate institution traditionally operating outside the cryptocurrency realm have commented on the necessity for market cooperation between its participants and governmental bodies.
Facebook’s Diem project have echoed a similar sentiment over the past few months in a journey which has seemingly resulted in regulatory enlightenment.
Within the crypto market, Ripple have always outlined a consistent narrative which favours an integration of their technology with governments infrastructure in a bid to foster innovation and financial inclusion on both sides.
Business has always been a two-player game between private equity and public virtue. Whether that’s the days of industrial gold mining, or the kids in Silicon Valley. This time is no different.
This philosophy of cohesion is by no means wrong – the debate still steeped in subjective conversation, but it certainly highlights a challenge for the fundamental constitution of cryptocurrency and an emerging degree of scrutiny on the true objective of this revolutionary concept.
In the quest for mainstream adoption and multi-decade value, participants of the cryptocurrency market must defend and uphold the integrity of its core principles: decentralisation, anonymity and inclusion, so as not to trade adoption for ascension.