PayPal Announces Temporary Suspension of Stablecoin Project Amid Increased Regulatory Scrutiny according to the news agency Bloomberg reported by citing news sources
The news comes a day after it was reported that The New York Monetary Authority is investigating Paxos, PayPal is also working on a stablecoin, adding that the coin will launch in the coming weeks.
“We are exploring stablecoins,” PayPal spokeswoman Amanda Miller said in an emailed statement to Bloomberg, “and of course we will work closely with the relevant regulators.”
PayPal confirmed earlier this year that it was working on a stablecoin that would tie one-to-one with the US dollar.
The post PayPal halts its stablecoin project: Bloomberg reports appeared first on Bitcoin Addict.