{"id":1177,"date":"2023-02-12T00:30:58","date_gmt":"2023-02-12T00:30:58","guid":{"rendered":"https:\/\/yareport.com\/?p=1177"},"modified":"2023-02-12T00:30:58","modified_gmt":"2023-02-12T00:30:58","slug":"paypal-halted-its-development-of-stable-coin-due-to-increased-regulatory-scrutiny-of-crypto","status":"publish","type":"post","link":"https:\/\/yareport.com\/index.php\/2023\/02\/12\/paypal-halted-its-development-of-stable-coin-due-to-increased-regulatory-scrutiny-of-crypto\/","title":{"rendered":"PayPal halted its development of stable coin due to increased regulatory scrutiny of crypto"},"content":{"rendered":"\n<p>PayPal has temporarily suspended its efforts in creating stablecoins due to heightened regulatory oversight of cryptocurrencies, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-10\/paypal-pauses-stablecoin-work-amid-regulatory-scrutiny-of-crypto?sref=y3YMCJ4e\" target=\"_blank\" rel=\"noopener\" title=\"as reported by Bloomberg News.\">as reported by Bloomberg News.<\/a> This decision follows the investigation by the New York State Department of Financial Services of one of PayPal&#8217;s key partners on the project.<\/p>\n\n\n\n<p>PayPal aimed to launch its stablecoin, which will be fully supported by the US dollar on a 1:1 basis, in the near future, according to a source with inside information cited by Bloomberg.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote\">\n<p>&#8220;We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,&#8221;<\/p>\n<cite>A representative for the payment company stated in an email.<\/cite><\/blockquote>\n\n\n\n<p>The crypto market is currently experiencing instability as the downfall of major players such as FTX has caused investors to lose confidence in what was previously viewed as a promising development in the financial sector.<\/p>\n\n\n\n<p><strong>A series of high-profile failures has led to intensified global regulatory oversight of companies involved in the cryptocurrency sector.<\/strong><\/p>\n\n\n\n<p>Additionally, the macroeconomic downturn has started to impact PayPal&#8217;s main operations, causing a decline in growth as consumer spending, particularly on non-essential items, is being impacted by the cost-of-living crisis caused by inflation that has reached record levels.<\/p>\n","protected":false},"excerpt":{"rendered":"PayPal has temporarily suspended its efforts in creating stablecoins due to heightened&hellip;\n","protected":false},"author":4,"featured_media":1178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_mi_skip_tracking":false},"categories":[19],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/posts\/1177"}],"collection":[{"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/comments?post=1177"}],"version-history":[{"count":1,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/posts\/1177\/revisions"}],"predecessor-version":[{"id":1179,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/posts\/1177\/revisions\/1179"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/media\/1178"}],"wp:attachment":[{"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/media?parent=1177"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/categories?post=1177"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yareport.com\/index.php\/wp-json\/wp\/v2\/tags?post=1177"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}