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

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

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.

• Read more: PayPal enables US customers to purchase goods with cryptocurrency
• Read more: PayPal will allow cryptocurrency for buying, selling, shopping in 2021

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.