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PayPal ditch own virtual currency

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PayPal ditch own virtual currency
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Paypal’s cryptocurrency partner is being investigated by the New York State Department of Financial Services and the company’s own cryptocurrency is suspended for now.

PayPal confirmed at the end of the week that they have suspended their stablecoin project, a dollar-based cryptocurrency that should have been launched in the coming weeks.

The announcement follows the announcement by the New York State Department of Financial Services, which confirmed that it had opened an investigation into Paxos, PayPal’s partner in the project.

Changes in digital currency legislation

PayPal said it “paused development to understand the change in legislation that will affect digital assets.”

Thus, the company confirms its intention to cooperate with the judiciary, even if this means postponing the project for a few months.

According to a recent SEC report, PayPal should have a nice cash pile in cryptocurrencies with $291 million in Bitcoin, $250 million in Ether, and $63 million in Litecoin and Bitcoin Cash.

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Vernita Green

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