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PayPal has been slowly but steadily making inroads into the bitcoin business. It will allow anyone to buy and sell crypto and make transactions in 2020, although it is presently only available in the United States.
PayPal’s senior vice president of crypto and digital currencies, Jose Fernandez da Ponte, said the corporation is currently looking into the possibility of creating its own stablecoin.
Stablecoins are a type of digital money that is linked to the value of a redeemable stable reserve asset such as the dollar, rupee, or the price of a real commodity.
They strive to combine the advantages of cryptocurrency transactions, such as speed and secrecy, with the centralised, more stable values of fiat currencies like the US dollar or the Indian rupee.
“I don’t think that we have seen a stablecoin that works well for payments yet,” Jose Fernandez da Ponte said. “We are exploring a stablecoin; if and when we seek to move forward, we will of course work closely with relevant regulators,” he added.