PayPal CTO claims that cryptos could grow if used for payments

Sri Shivananda, the CTO at PayPal, recently spoke about cryptocurrencies and what they need to do in order to achieve mass adoption. Shivananda noted that cryptos have a long way to go still, and that they need to change the way people view them. One example is India, where the crypto ban was recently removed by the ruling of the Supreme Court. However, most of the country's consumers view cryptos as assets, instead of currencies that can be used for actual payments.

This is a mindset that Shivananda thinks needs to change if cryptos were to grow and spread further. He added that the main thing to keep in mind in this business is to follow consumers. In other words, if consumers believe that there is the leverage that they can get through the use of cryptos, the rest will fall in place on its own.

Shivananda then noted that it is only a matter of time when the digitalization of currencies will take place, considering the fact that the internet continues to constantly grow and expand. He sees the potential for crypto assets to play a vital role, but it is necessary for all participants in the crypto industry to understand the merits and the need.

Learn how to buy bitcoin using PayPal today in our guide >

PayPal CTO reveals why the company left Libra

He also spoke about the crypto ban that was lifted in India last week, noting that it was a step in the right direction, even though the country's central bank is planning to continue the fight against cryptos.

Lastly, he spoke about PayPal's decision to leave Libra Association. At the time, the company said that its reason for leaving is the desire to dedicate more attention to its own core business. Shivananda now pointed to a different reason. When PayPal originally joined the project, it was to help under-served and under-banked, who were not supported by systems currently in use.

However, the company changed its mind when it started feeling like this was not going to be the case.