Very big news in the world of cryptocurrency – PayPal announced on October 21st, 2020, the launch of a new cryptocurrency service that enables its customers to buy, hold and sell crypto assets. Paypal was granted New York State’s first “conditional BitLicense. In its cryptocurrency terms and conditions, there are limits, however. PayPal’s disclaimer notes that its customers are currently not able to send crypto assets to family and friends. Although PayPal plans to expand that service through Venom later in 2020. The initial cryptocurrencies that will be available to users include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Another limitation is that PayPal customers will not be able to transfer cryptocurrency to and from other wallets. PayPal will also hold the cryptocurrency on behalf of its customers and keep records of the customer’s crypto transactions and balances – something crypto purists oppose. Although State and Federal regulatory frameworks for crypto assets is lacking, interest among non-banking institutions like PayPal continues to grow. It is uncertain what the future holds for crypto assets in the banking world, but big players in the consumer market are starting to take notice of its utility as a viable consumer asset.

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Jason Morton is a Partner in a small boutique tax law firm, Webb & Morton PLLC, with offices in both North Carolina and Virginia. He maintains the law firm’s very active

Blog, as well as maintaining a Vlog on YouTube. Jason…

Jason Morton is a Partner in a small boutique tax law firm, Webb & Morton PLLC, with offices in both North Carolina and Virginia. He maintains the law firm’s very active

Blog, as well as maintaining a Vlog on YouTube. Jason has published several featured articles with TaxNotes, the NC Bar Association Tax Section, Autism Parenting Magazine, local newspapers and most recently, working with Cointelegraph and Bloomberg Tax. Jason is also an Officer in the Army National Guard, most recently serving an active duty tour from 2016 to 2018. Most importantly, above all else, Jason is proud Autism Dad.