PayPal has confirmed that it is putting work on its stablecoin on hold amid ramping up scrutiny of cryptocurrencies from global regulators.
A key partner in the PayPal stablecoin project, Paxos Trust Co,, is also currently facing a probe by the New York State Department of Financial Services, casting further doubt over the project
In a statement, a spokesperson for the eBay-owned PayPal said: “We are exploring a stablecoin. If and when we seek to move forward, we will, of course, work closely with relevant regulators.”
Digital assets are coming under increasing scrutiny from regulators in the US and abroad following the collapse of crypto exchange FTX and numerous high-profile scams. India’s minister of Finance and Corporate Affairs this weekend said that the G20 is considering if and how it can enact regulations on cryptocurrencies.
Unlike currencies like Bitcoin and Ethereum which are mostly traded as assets, stablecoins are envisioned as holding a set value underpinned by a matching reserve of assets in an effort to actually make them usable as currency.
PayPal received a ‘BitLicense’ from the Department of Financial Services in 2022, with the company claiming that it was the first to convert a conditional BitLicense into a full one.
Latest News
-
JPMorgan becomes final major Wall Street bank to exit climate alliance
-
Visa and Qashio partner on B2B travel payments solution
-
Financial Ombudsman hires new COO
-
Novo Banco fires chief risk officer amid suspicious transactions probe
-
Lloyds and Mastercard to lead next CFIT coalition
-
Open Banking platform Money Squirrel launches in the UK
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories