Escuche esta historia
--:--
4:20
PayPal's coin, the cryptocurrency that PayPal could be developing
During the past year the boom and interest in cryptocurrencies increased considerably. Many companies began to create projects and cryptocurrencies reached places never before imagined. However, before all this commotion, PayPal advanced its own stablecoin.
It is a well known fact that PayPal has been a great help to cryptocurrencies on several occasions. Now, some time after not having communicated anything publicly, PayPal has made it official that it is thinking of launching its own currency.
PayPal was left with no choice but to admit it was working on its own stablecoin project after a developer found evidence of it in the PayPal iPhone app.
Some time later, the company management had no choice but to affirm that they were really working on their own project and gave the news to all their users.
The person in charge of making the announcement was José Fernández da Ponte, senior vice president of cryptocurrencies and digital money at PayPal. He commented that the alternative they were studying was a stable currency.
He guaranteed that if the company went ahead, it would be a very positive thing. Since the organization is working closely with regulators.
The project
There is still virtually no data on the stablecoin project. This has to do with the way the news was spread by an engineer named Steve Moser.
He saw that in the PayPal application for iPhone devices there was a secret code and several images that showed confidential data about the company.
Among what the engineer found were images of a digital currency called PayPal Coin, which is obviously the "pilot" name for this coin.
Keep in mind that stablecoins are a type of cryptocurrency whose cost depends on the value of the currency issued by a government. Unlike decentralized cryptocurrencies that are not anchored.
Steve Moser was able to determine, based on what was displayed in the inner code, that the stablecoin being created would be based on the US dollar.
Despite the fact that there is very little data so far, this digital currency, which has been speculated on for many months, is finally developing.
Although so far the currency is called PayPal Coin, the chances of it continuing as it is now are very low.
Changes may be made later and since there has been no announcement of the name and utility, things could change.
Cryptocurrencies and PayPal
This is not the first time PayPal has gotten involved with crypto. In recent times there has been a great deal of information about it. We cannot help but remember that towards the end of 2020 the company carried out the buying, selling and depositing cryptocurrencies sections.
At first this option was simply for customers in the US and a couple of months later in the UK.
Until then, it was impractical to make payments directly with cryptocurrencies from the application, although later the option was available so that more people in the world have the possibility of trading their currencies.
Currently, things are going to change. Fernández da Ponte commented that the company has not seen that anyone has planned a stable currency that works to make payments.
So assuming PayPal does, it is planned that it can be used to receive and make payments in considerable amounts, but with the certainty that its currencies will be safe, things that users always highlight about PayPal.
For this to be a reality, the terms of regulations must be clarified, a matter of utmost importance according to Fernández da Ponte.
Although he did not advance anything in that regard, for a while the United States has been having an increasing number of public debates about cryptocurrencies, so the regulations could be close.
In addition, we cannot help but remember that PayPal could take an important step. Considering that this is not the main large organization that claims to create its own currency. The most discussed case so far has been that of Facebook, currently Meta.
For a long time this organization has been developing the Diem project, but it has not been effective due to pressure from regulations, but things could be different for PayPal.
