PANews reported on August 14 that according to Cointelegraph, payment giant PayPal updated its terms to introduce the "Cryptocurrency Center", a feature that allows users to hold and interact with Bitcoin, shortly after launching the dollar-backed stablecoin PayPal USD (PYUSD). According to the terms, to be eligible to use the Cryptocurrency Center, PayPal users must have a "personal PayPal account and a reputable balance account." In addition, PayPal will verify the necessary identity information provided by the user, including name, physical address, date of birth, and taxpayer identification number. After the launch of this feature, the Cryptocurrency Center will be directly linked to the user's PayPal account and can be accessed using existing credentials.
According to the company, the service will allow the sale and purchase of cryptocurrencies. In addition, it will facilitate the use of funds stored after the sale of cryptocurrencies for purchase payments through PayPal. The cryptocurrency center is also essential for the conversion between PYUSD and other crypto assets. However, PayPal further explained: "The user's balance in the cryptocurrency center represents their ownership of each crypto asset. Users will not hold digital crypto assets themselves in their crypto asset balances."