PayPal wants to launch its own cryptocurrency


Vincent Touveneau

Cryptocurrencies

January 10, 2022 at 11:45 am

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PayPal

© PayPal

The vice-president of PayPal
recently sold the wick. The pioneer of electronic payments is working on a new stablecoin that will allow its users to pay in crypto. While we thought PayPal was a little behind its competitors, the service explains that 2022 will be the year when crypto-currencies
will be fully integrated and regulated on the platform.

As is often the case with this kind of announcement, the French date for the launch of this stablecoin is not specified, because this implies significant changes in the regulations.

A PayPal Coin pegged to the dollar

It was during a hackathon that a team delved into the source code of PayPal’s iOS application, and found the logo of a currency that does not yet exist. The PayPal Coin stablecoin will be indexed to the price of the dollar and will allow purchases to be made on the famous platform in the near future. For now, this corner remains a project, and PayPal spokespersons are careful not to mention a launch date for the general public.

The main reason PayPal hasn’t gotten into crypto payments yet is because of the many regulations the company faces. However, Jose Fernandez da Ponte, vice president of the company, indicates that the exit of a stablecoin named PayPal Coin is only a matter of months and that it will be done before the green light of the American regulator.

In August 2021, PayPal was already announcing that its US and UK customers could pay with the most popular cryptocurrencies, like Bitcoin and Ether. In France, these functions are still not accessible, but you can still buy cryptos on platforms like eToro through your PayPal account.

On the same subject :
In the UK, PayPal now allows the buying and selling of cryptocurrencies

Source: Bloomberg



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