Sri Shivananda, chief technical officer at PayPal, believes cryptocurrencies still have a long way to go when it comes to mass adoption.
He added that cryptocurrency has become more analogous to “asset play” than money, noting:
“The main thing to keep in mind in this business is to follow consumers. If consumers start to feel like there’s some leverage that they get through cryptocurrencies, everything else will automatically fall in line.”
From his point of view as a senior executive in one of the oldest digital payment companies, Shivananda claims that digitization of currencies is inevitable. He said the industry’s future will be shaped to reflect the participation of consumers, merchants, entrepreneurs and governments.
The official indicated that the cryptocurrency alternatives have already achieved significant success. The National Payments Corp of India operates a unified payment interface (UPI) for e-commerce transactions. In addition, the interface processes small and personal payments:
“What has been done with UPI is truly inspiring. And it’s a model that has not only been implemented, but it’s working […] every country and every company around the world should look at and take inspiration from it and see if some of that can be replicated across the globe.”
Paypal decides to leave Libra
PayPal has left the Libra Association just five months after joining the project on regulatory concerns.
Shivananda commented on his company’s departure decision, giving different reasons:
“PayPal felt that was not going to be the case, in the short to medium term.”
Such remarks come amid an eventful period in India’s cryptocurrency market.
India’s Supreme Court has overturned the ban imposed by the country’s central bank on the dealings of local banks with crypto firms.
In April 2018, the Reserve Bank of India (RBI) had imposed a ban on local banks, preventing them from dealing with crypto firms. The ban came into effect in July of the same year.