Learn about the details of the new digital currency from PayPal!
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Answer Learn about the details of the new digital currency from PayPal!
If you are tired and frustrated with the current conditions of the crypto market and think that the industry is going to die.
Paypal news will change your mind.
A press report appeared fromBloombergIt is reported that the digital payment giant “Paypal” is developing its own digital currency.
PayPal is exploring the development of a stable digital currency, potentially linked to the dollar, although there is no information on the project’s roadmap.
Speaking to Bloomberg, Jose Fernandez da Ponte, Senior Vice President of Digital and Cryptocurrency at PayPal, revealed that the endeavor was just an exploration, but very serious, although there are no concrete plans for practical implementation yet.Read:Ethereum Classic is threatened with a 51% attack… for these reasons
He emphasized that if the coin is approved, it will meet all necessary regulatory criteria, as his statement was as follows:
We are exploring a stablecoin, and when we seek going forward, we will of course work closely with the relevant regulators.
Paypal and the issuance of digital currency:
The development of a stablecoin provides several advantages to PayPal.
For example, it avoids the regulatory pressures that exist around more volatile and decentralized cryptocurrencies, and provides customers peace of mind that the amount they hold in their wallets will have the same value over time.
It is also better suited to the PayPal business model, which is essentially a licensed money transfer device.
PayPal Coin, the code name for the cryptocurrency, was revealed earlier this year by Steve Moser, a software developer who also revealed in November 2021 that the PayPal app code contains references to possible compatibility with the NEO blockchain.
NEO is a smart contract blockchain primarily developed in China, which was known as Chinese Ethereum.
The project enjoyed great popularity during the boom period of 2017-2018, mainly due to its promotion as one of the first Ethereum killers.Read:Once again…the $30K level rejects Bitcoin, LUNA and UST keep crashing
But it failed to capture public attention in subsequent years.
NEO is currently ranked 69th on the list of the top 100 cryptocurrencies with the largest market capitalization.
The next step in the larger plan:
PayPal’s bet on launching its own digital currency is the next step in the company’s interest in the cryptocurrency world.Read:Bank of America: Bitcoin is important and the cryptocurrency industry is too big to ignore
Already in 2021, Peter Thiel warned that Bitcoin could be a financial weapon for China and called for pressure for research and development in the US industry so that it would not be left behind in the race to dominate the cryptocurrency and digital asset market.
In 2020, PayPal announced a feature to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash and has since expanded its services, allowing the sale of cryptocurrencies, and working to introduce this service to other countries.
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