PayPal allowing people in US to use cryptocurrency

PayPal has begun allowing people in the US to use cryptocurrency to make purchases from millions of merchants that use the financial platform for online transactions, AFP reported.

The payments giant had already let users buy, sell or store digital money, but the new Checkout with Crypto feature provides an option to use it for purchases.

“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies,” PayPal CEO Dan Schulman said in a blog post, cited by AFP.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”

Merchants get paid in standard money, with PayPal converting cryptocurrency to US dollars to settle transactions at the time of sale, according to the Silicon Valley-based company.

Tesla last week began officially accepting bitcoin as currency to purchase electric autos, according to a tweet by CEO Elon Musk.

“You can now buy a Tesla with bitcoin,” Musk said on Twitter, implementing a plan announced in February to accept the cryptocurrency as a form of payment.