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PayPal on its own PayPalCoin crypto: 'this is way too early'

PayPal teases it's working on its own stablecoin called PayPalCoin, with its crypto boss saying 'this is way too early'.

@anthony256
Published Wed, May 26 2021 9:50 PM CDT   |   Updated Wed, Jun 23 2021 10:33 PM CDT

We can expect PayPal to announce its own stablecoin soon, with a tease of PayPalCoin sparking at the CoinDesk Consensus 2021 conference.

PayPal on its own PayPalCoin crypto: 'this is way too early' 02 | TweakTown.com

PayPal's Vice President, General Manager Blockchain, Crypto and Digital Currencies, Joe Fernandez da Ponte responded to rumors of PayPal launching its own stablecoin, where he said: "This is way too early". I guess we're still a few months away from PayPalCoin and its official announcement.

What the company did make clear is that users will be able to transfer cryptocurrency out of their PayPal crypto wallet, and over into third-party wallets in the near future. There was no timeframe provided, but PayPal made it clear that the feature is coming.

CoinDesk Consensus 2021 conference moderator Jeff John Roberts asked da Ponte more questions, specifically about central bank digital currencies (or CBDCs) as the PayPal VP has been meeting with various leaders of central banks throughout the world recently.

In response to that, da Ponte said: "It absolutely makes sense that central banks will issue their own tokens. Sometimes we position the debate as CBDCs versus stablecoins, but it's a bit of a fake debate. There is no trade-off. We think they will co-exist".

You can read the entire article here.

NEWS SOURCE:coindesk.com

Anthony joined the TweakTown team in 2010 and has since reviewed 100s of graphics cards. Anthony is a long time PC enthusiast with a passion of hate for games built around consoles. FPS gaming since the pre-Quake days, where you were insulted if you used a mouse to aim, he has been addicted to gaming and hardware ever since. Working in IT retail for 10 years gave him great experience with custom-built PCs. His addiction to GPU tech is unwavering.

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