PayPal will be working towards enhancing the role of cryptocurrencies in everyday life, PayPal's CEO Dan Schulman told CNBC.
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In a recent interview, Schulman pointed out that the current COVID-19 pandemic has made a great impact on how people use the fiat money:
"Especially with the pandemic, you have seen the use of cash declined precipitously something like 40-70% of consumers no longer want to handle cash."
Schulman adds it is no longer a question of "if," but "when and how" central banks around the world are going to issue their forms of digital currencies.
"I think you will have more and more utility happen with cryptocurrencies," the PayPal CEO said.
Dan Schulman believes PayPal's support for cryptocurrencies will not only allow people to buy and sell digital currencies, but also "bolster the utility of cryptocurrencies."
Earlier, Rick Rieder, Chief Investment Officer at BlackRock, said in an interview with CNBC that cryptocurrencies will not disappear anytime soon as bitcoin (EXANTE: Bitcoin) is more functional than a bar of gold thanks to its digital nature.
While BlockRock's portfolio has not big stakes on bitcoin, Rieder believes the largest cryptocurrency by market capitalization "is here to stay."
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