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PayPal Pauses Stablecoin Work Amid Regulatory Scrutiny of Crypto (reuters.com) 37

Posted by BeauHD from the red-light-green-light dept.
An anonymous reader quotes a report from Reuters: PayPal is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner on the project faces a probe by the New York State Department of Financial Services, Bloomberg News reported on Friday. PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks, Bloomberg reported, citing a person with knowledge of the matter. "We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," a PayPal spokesperson said in a statement.
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PayPal Pauses Stablecoin Work Amid Regulatory Scrutiny of Crypto More

PayPal Pauses Stablecoin Work Amid Regulatory Scrutiny of Crypto

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  • which will be backed one for one by the dollar (Score:5, Insightful)

    by The Evil Atheist ( 2484676 ) on Saturday February 11, 2023 @09:45AM (#63284447)
    Then why not just fucking use dollars?

    • Because ACH and wires suck [quora.com]. Until the US implements something like SWIFT [wikipedia.org], we're going to see more and more hacks for liquidity.

      This said, I completely agree with your sentiment

      • Ach is as easy as using a debit card .

        PayPal birthed powerful assholes like Peter thiel and Elon musk.

        I reluctantly gave up Twitter this week after the starlink decision not to support Ukraine defense ( calling it an offense ) and after gladly accepting purchases of starlink terminals for ukraines defense.

        These are the new robber Barons

        • Ach is as easy as using a debit card .

          It couldn't be more different than a debit card.

          This tells me you don't work in an industry that deals with ACH regularly, nor did you read the linked explanation about why and how it sucks so bad. But thanks for sharing your unsubstantiated fears and irrational comparison.

        • ACH account numbers often aren't verified (until settlement many days later), because there is no easy way to do so. Routing number are verified of course. More industry secrets they'd like to remain secret.

          Just don't go putting in fake ACH account numbers, because the penalty for check forgery is several YEARS in jail. An industry backed by the strong arm of the law instead of by actual computer security practices.

        • I can't imagine why anyone would want crypto transactions that settle in seconds when we have ACH transactions that take three days to settle.

      • If you can't wait 2 whole business days for a transaction to complete, something is wrong with the way you are budgeting your use of money.

        • If you can't wait 2 whole business days for a transaction to complete, something is wrong with the way you are budgeting your use of money.

          You could not be more out of touch and speaking from a place of privilege. Just an idea, maybe leave your insular community and go talk to people you normally wouldn't - see if anything you think is grounded in reality.

          Greater than 60% of in the United States lives paycheck to paycheck [cnbc.com].

          Here's a piece directly from the lead of the organization that manages ACH saying that ACH speed of processing has non-trivial and cascading impacts [nacha.org].

          • That cnbc article even lists four ways to lessen living paycheck to paycheck - every one of those is about looking at your own budget and making changes to your spending habits. It's just a nicer way of saying what I said. A beautiful quote:
            Of those earning more than six figures, 47% reported living paycheck to paycheck

            I get it many are in poverty and have no choice, but most of those stats are people that simply don't bother to care about their own situation or future.

            That nacha article is reporting

            • That cnbc article even lists four ways to lessen living paycheck to paycheck - every one of those is about looking at your own budget and making changes to your spending habits. It's just a nicer way of saying what I said. A beautiful quote: Of those earning more than six figures, 47% reported living paycheck to paycheck I get it many are in poverty and have no choice, but most of those stats are people that simply don't bother to care about their own situation or future.

              Exactly. The real story is that a lot of people are really, really bad at managing money. If someone is making between 100 thousand dollars and a million dollars per year, and are on the brink of bankruptcy - They. Are. Doing. Something. Really. Wrong.

              It's rather amusing, that people can earn that much and be one step away from the poorhouse - and the fact that they are blaming it on 'Murrica is just an in our face proof that they can't handle money.

              So since this is presumably 100 percent the fault of

    • You can't make/print US Dollars with a video card.

    • Because the anonymity and untraceability of cash combined with convenience of electronic payments is quite nice?

    • Try sending $20 to someone in Haiti (Score:4, Insightful)

      by JcMorin ( 930466 ) on Saturday February 11, 2023 @11:35AM (#63284675)
      Try sending $20 to someone in Haiti and see how much the guy received at the end. You will understand the power of crypto. If you are born in the US and never had to deal with any other country, that is probably not beneficial to YOU!

      • Re:Try sending $20 to someone in Haiti (Score:4, Interesting)

        by sound+vision ( 884283 ) on Saturday February 11, 2023 @02:30PM (#63285063) Journal

        I worked with a guy from El Salvador a year ago when their Chivo wallet/transfer app came out. I took the opportunity to ask him how it was working out, since he sent money out of every check back home.

        He gave me the usual speech about how great cryptocurrency was, he was glad his country was opening up an easier way to transfer money, etc. But when I asked him if he was sending his mother USDs or BTCs, he was sending USD.

        Huh. Somehow the "power of crypto" never showed up. I heard it was pretty powerful at draining funds out of the Salvadorean government's treasury, though. Makes you wonder if that wasn't the point.

    • There's all sorts of laws around spending/transferring large amounts of cash. Laws that don't yet exist for crypto. Yes, there's a very high risk you'll lose your crypto or it'll lose value during the transfer, but when the alternative is 10-20 years for money laundering well, that's just the cost of doing business.

      Oh, and same thing with ponzi schemes. That's changing, as the SEC is moving in to regulate crypto. But they're all old hardcore "sell my mamma for a nickle" Goldman Sach's folks over there,

    • Let me explain the scam. All crypto currencies ever made are all inherently deflationary. Through a variety of techniques, such as coin burning, the "purchasing" power of the coin rises over time due to inherent, automatic decreases in the relative supply of coins versus trading frequency. The Fed and the Treasury make it a point to keep the USD at ~2% inflation. This means the purchasing power of the dollar decreases at a rate of about two percent per year. (Purchasing power here isn't in quotes because yo

  • Paypal is dogshit. Paypal does not care about security.

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