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PayPal allows the transfer of digital currencies to external wallets

The move comes after nearly two years since PayPal allowed users to buy and sell cryptocurrencies on its platform.

After launching the ability to buy and sell cryptocurrencies on its platform in October 2020, PayPal finally allows users to transfer, send and receive digital assets between PayPal and other wallets and exchanges. Starting today, the feature is available to select US users and will be expanded to all eligible US users in the coming weeks. The first batch of supported coins consists of Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

In addition, customers who transfer their cryptocurrencies to PayPal can spend them through Checkout at millions of merchant terminals. The New York Department of Financial Services granted the company a full Bitlicense for the conduct.

Users would simply have to log into their accounts and enter the crypto section of the app to start transferring transfer coins. Users are often required to complete a one-time identity verification before the procedure.

Encryption transfers to recipients outside of PayPal would incur a network fee based on their respective blockchain, but transfers between PayPal users will not incur such fees. To protect users’ privacy, the company generates a new recipient address for each transaction in the PayPal account. PayPal will also not charge fees for incoming transfers,

The company is also working to integrate other forms of cryptocurrency services, such as central bank digital currencies, to increase its digital presence. It is also exploring the possibility of launching its own stable coin, called “PayPal Coin”. The discovery came after a developer found evidence of a stablecoin in the source code of the company’s iPhone app.

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Is the New Zealand government up for the CBDC mission next?

Many state central banks are exploring the possibility of using central bank digital currency. New Zealand is the latest to announce it is exploring the possibility. One of the main advantages is its use as a monetary policy tool.

China has already started tests of its own digital yuan and is trying to eliminate any competition from the country in the form of blanket bans on cryptocurrencies and their mining.

New Zealand is another country that is researching the benefits of these centralized digital currencies. The Royal Bank of New Zealand today released a public consultation document which contains the following statement:

“Trends in the use of cash and monetary innovation offer the Reserve Bank an opportunity to consider expanding central bank money into a widely used digital form. The decline in the use, acceptance, and availability of cash in New Zealand, and the emergence of innovations in private money, namely stablecoins, make it an opportune time to think about a central bank digital currency (CBDC).

According to an article on Bloomberg, the bank admits tremendous complexity in developing such an asset and a long time to do so, but the CBDC would allow people to turn “private money” into a digital bank. . Money.

This would allow the New Zealand currency to remain relevant in a digital future and provide a very useful monetary policy tool for the government. The RNBZ said:

“As with other forms of digital currency, a CBDC must be operationally resistant to cybersecurity risks and disruptions, maintain data confidentiality, and comply with all relevant regulations. Even if a CBDC has the potential to act as a catalyst for innovation and competition in the larger money and payments ecosystem, we need to consider its potential to eliminate innovation. “

In addition, according to the bank, such a currency would improve internal payments and also improve cross-border payments.