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PayPal, a big name in online payments, is hitting the pause button on allowing people in the UK to buy cryptocurrencies through their platform. This change will start in October.
It’s because of new rules about how cryptocurrencies can be advertised and promoted. The UK’s financial overseers are putting stricter guidelines in place to make sure cryptocurrencies are marketed responsibly. This includes things like making sure people know about the risks and getting rid of rewards for referring friends to buy cryptocurrencies.
To make sure they’re following these new rules, PayPal will temporarily stop letting customers in the UK buy cryptocurrencies starting from October 1st. These rules are going to start being enforced on October 8th. In an email they sent to their customers, PayPal said they plan to bring back the option to buy cryptocurrencies on their platform in early 2024.
PayPal wants everyone to know they’re working closely with regulators around the world to make sure they’re following the right rules in all the places they operate. They’re assuring their customers that they can still keep and sell the cryptocurrencies they already have.
This news was covered before by websites that focus on cryptocurrencies, like CoinJournal. PayPal first let people in the UK buy and sell cryptocurrencies in 2021.
Read More: Stablecoin market witnesses steady decrease in value over 17 months
This is all part of a bigger trend where regulators all over the world are starting to make rules for cryptocurrencies. This is because some cryptocurrency companies went out of business last year, causing a lot of people who didn’t know much about cryptocurrencies to lose money.
Bitcoin, the most well-known cryptocurrency, had a tough time last year with its value going down a lot. But this year, it’s been slowly going back up and has gone up by 76% so far. Still, it’s worth less than half of what it was worth in November 2021.
Interestingly, PayPal’s stock got a boost when they announced they were making their own type of cryptocurrency that’s tied to the value of the US dollar. This kind of cryptocurrency is supposed to keep a steady value because it’s backed by a real asset.
Remember, this article is just giving you the facts, and it’s important to make your own decisions and do your own research.
