As the price of Bitcoin continues to reach new all-time highs, major corporations with existing crypto offerings in place are beginning to discuss grand plans for the future. Most recently, Dan Schulman, CEO of PayPal, hinted at future developments for PayPal’s crypto offering during Forbes’ “2021 Blockchain 50 Symposium: Crypto Goes Corporate,” an online event that took place on April 13.
During a fireside chat with Michael del Castillo, associate editor at Forbes, Schulman mentioned that the financial system will undergo more changes over the next five years compared to the progress that has been made in the previous 30 years. Schulman further noted that digital currencies, like Bitcoin (BTC), will lead the way, mentioning that there will be far less cash and credit card transactions in the next five to 10 years. Schulman said:
“We are moving into the era of digital currencies, and those digital currencies hold tremendous promise, whether these are cryptocurrencies or central bank digital currencies. I believe digital currencies can increase the utility of payments and make the financial system more inclusive and less expensive.”
The recent boom in non-fungible tokens, or NFTs, has been accompanied with controversy and concern over the technology’s environmental impact due to the computational power required.
Out of all transaction types on a blockchain, NFTs are some of the most intensive of them all as they often involve numerous complicated transactions and executions of smart contracts in the minting, bidding, selling, and transferring process. This is sometimes reflected in transaction costs reaching hundreds of times more than that of a simple transaction.
In the past, the impact of such concerns was minimal, however, in recent weeks, some artists and platforms are starting to cancel NFT plans as a result.
The new cryptocurrency enforcement guidelines by the Department of Justice (DoJ) have received a negative response from segments of the crypto community. Published earlier today by the attorney general for the U.S. William Barr, the DOJ report aims to address the “uniquely dangerous threats to public safety” cryptocurrency poses.
Citing the words “crime” or “criminal” 168 times in the 83-page document, many in the community have interpreted the DoJ’s position as a direct attack on crypto that labels the entire sector as an avenue for crime.
Coinshares’ CSO Meltem Demirors described the policy document as “a commercial reel of every financial crime known in crypto,” asserting that the DoJ’s over-emphasis on providing examples of criminal use-cases for crypto fails to address the myriad of legitimate utilities for crypto assets.
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