Crypto Currents: PayPal To Allow Customers To Withdraw Cryptocurrency

Bitcoin, Currency, Technology, Money, Cryptocurrency

As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week's top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.

PAYPAL TO LET CUSTOMERS WITHDRAW CRYPTO

PayPal (PYPL) blockchain lead Jose Fernandez da Ponte said the internet payments company will let users withdraw cryptocurrency to third-party wallets, CoinDesk's Benedict George reported Wednesday. Speaking at CoinDesk's Consensus 2021 conference, da Ponte told moderator Jeff John Roberts that a withdrawal function is in the works. At present, PayPal does not let users move cryptocurrency holdings off-platform. “We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay,” da Ponte said. “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”

IRAN BANS BITCOIN MINING

Iran President Hassan Rouhani said that the country's government is banning the mining of bitcoin and other cryptocurrencies as officials blame the energy-intensive process for blackouts in a number of the country's cities, CNBC's Natasha Turak reported Wednesday. Rouhani told state TV that the ban is effective immediately and will remain in place until September 22. The move comes after Tehran and several other large cities faced multiple daily power outages over the past few months.

MICROSTRATEGY CEO MEETS WITH MUSK, BITCOIN MINERS

Michael Saylor, the founder and CEO of MicroStrategy (MSTR), tweeted Monday: "Yesterday I was pleased to host a meeting between @elonmusk & the leading Bitcoin miners in North America. The miners have agreed to form the Bitcoin Mining Council to promote energy usage transparency & accelerate sustainability initiatives worldwide." The tweet came after Tesla (TSLA) CEO Elon Musk tweeted Monday, “Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”

1 2 3
View single page >> |

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Alex Johnson 2 weeks ago Contributor's comment

Really didn't expect PayPal to allow people to withdraw cryptos

Bitcoin Bandit 2 weeks ago Member's comment

Why not?

Alex Johnson 2 weeks ago Contributor's comment

As cryptos are unregulated.