PayPal May Create Its Own “Stable” Digital Currency

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Don’t ya just hate when you buy some Bitcoin, and it goes from being worth thousands to hundreds in a matter of hours? Wish there was a better way? Sadly, Billy Mayes isn’t here to offer us an easy solution to the cryptocurrency stability issue, but PayPal might.

PC Mag is reporting that the long-time online payment company may be looking to start its own currency, but with a bit more stability behind it. Apparently, someone found the term “PayPal Coin” while snooping around the company’s iOS app.

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This could just be a placeholder for an upcoming cryptocurrency feature since PayPal already allows you to buy and sell via a number of alternative payment methods. Or it could be the indication that the longtime online payment company could be looking to dip toes in the volatile market.

In a statement to Bloomberg, PayPal’s senior VP of crypto and digital currencies, Jose Fernandez da Ponte, downplayed the discovery saying, “We are exploring a stablecoin. If and when we seek to move forward, we will, of course, work closely with relevant regulators.

Stablecoin, as the name suggests, is a digital currency that is backed by something tangible. If you’ve dabbled in the crypto market, you’ll know how quickly the value of these currencies can change. Stablecoin looks to limit the fluctuations by having the digi-bucks held up by something like the US Dollar or gold.

I would rather keep dealing with cash. Although I have to pay double for groceries now, maybe the dollar isn’t quite the go-to that it used to be. Regardless, I’ve dealt with PayPal for years, and the company doesn’t always inspire confidence.

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I need something a bit more reliable—something like Bernie Bucks or Paul Hogan Simoleons. I want the value of my currency to be tied to a politician or celebrity. They’ll never let me down. Never…

[Source: PC Mag]


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