The cryptocurrency industry must comply with regulations for the common good. The head of the payment company PayPal Dan Shulman said this during the Web Summit conference.

In his opinion, the industry will be able to develop if it “works hand in hand” with regulators. Shulman described compliance as the main prerequisite for working in the digital asset space.

“Strong regulatory oversight is extremely important and I have no problem with that,” Schulman said.

Also, the head of PayPal suggested that digital currencies will soon become an everyday payment instrument. The pandemic has accelerated the process of ditching cash, he added.

“In the long term, I am extremely bullish towards digital currencies of all kinds,” concluded the CEO of PayPal.

Schulman previously admitted that using bitcoin as a potential payment instrument would increase its stability and functionality.

Recall that in November, PayPal opened access to cryptocurrencies for American customers.