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PayPal has launched cryptocurrency trading on its platform in the United Kingdom. This is the first expansion of crypto trading on PayPal outside the US, where the service was launched in November 2020. 

Crypto trading will only be available to customers with verified accounts. Users will also get real-time prices and educational contents related to cryptocurrency on the platform. The company announced that all eligible PayPal customers in the UK can now buy, hold, and sell cryptocurrencies including Bitcoin, Ethereum, BitcoinCash, and Litecoin.

PayPal says it has over 375 million daily active users and 30 million merchants on the platform. While the company does not charge any fee for holding cryptocurrency, it is charging users for transactions and currency conversions.

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World's largest and most popular cryptocurrency Bitcoin, scaled $50,940 (roughly Rs. 37.23 lakhs) on Monday (September 6) afternoon. The price of the cryptocurrency touched $51,809.55 (roughly Rs 37.87 lakh). This is the highest ascent for the currency since May when it took a downturn after reaching a record high of $65,000 (roughly Rs 47.51 lakh). 

After consolidating for a few months since May on August 23, Bitcoin had touched $50,505 (roughly Rs. 36.91 lakhs). In the last couple of weeks, Bitcoin had been trading between $46,500 and $50,000 (roughly Rs. 34 lakh to Rs. 37 lakh). Bitcoin price in India at 6pm on September 6 was around Rs. 39,60,000.

On a side note, in June, a proposal by El Salvador's President Nayib Bukele to embrace the cryptocurrency as a legal tender had received approval. Bitcoin's rise above $50,000 on Monday comes just a day prior to the South American nation's plan to recognise the cryptocurrency. The law will take effect tomorrow (September 7).

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El Salvador became the first country to adopt the world’s largest cryptocurrency, Bitcoin as legal tender, alongside the U.S. dollar on Wednesday. 

Under the law, Bitcoin must be accepted by firms when offered as payment for goods and services. Tax contributions can be paid in the cryptocurrency. President Nayib Bukele mentioned, El Salvador would offer citizenship to people who will show evidence that they had invested in at least three Bitcoins.

The bill will go into law within 90 days.  Though the use of Bitcoin will be optional for individuals and would not bring risks to users.