"We are investigating the possibility of launching a stablecoin; if and when we decide to proceed, we will, of course, consult with appropriate regulatory authorities".

Moser's discovery revealed that PayPal is in the process of developing PayPal Coin, which will be backed by the United States dollar. A PayPal spokeswoman, on the other hand, explained that the source codes for the iPhone application were generated during a recent hackathon.

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While PayPal's digital asset is still in development, the company's in-house token's name, logo, and functionality are all susceptible to change prior to its introduction. PayPal has already developed additional capabilities that enable customers to purchase, retain, and pay using digital currency, therefore contributing to the continuous development.

In a November 2021 interview, da Ponte also said that PayPal has "not yet seen a stablecoin out there that is purpose-built for payments." According to him, a stablecoin should be able to enable large-scale payments while still preserving the network's security, and he went on to say:

"There would have to be clarification on the legislation, the regulatory frameworks, and the kind of licenses that would be required in this domain," says the expert.

Related: PayPal to create a dedicated crypto team in Ireland.

In addition to introducing its own stablecoin, PayPal has made deliberate steps to expand the availability of cryptocurrency-related services in countries other than the United States.

In September 2021, the firm announced the launch of new Bitcoin trading services for the United Kingdom market. According to Cointelegraph, clients may trade key cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC),, and Bitcoin Cash (BCH).

The Mayor of New York City has reiterated that he will get his first three paychecks in Bitcoin

Eric Adams, the newly-elected mayor of New York City and, according to reports, a Bitcoin bull, has shown his support for the principal cryptocurrency once again. He expressed his belief that the current price decline may provide some possibilities for investors and repeated a prior position suggesting that he would get his first three paychecks in Bitcoin (BTC).

Despite recent price declines, it is fair to conclude that the mayor of the Big Apple has not altered his position on Bitcoin. Adams, in an interview with CNBC, was unaffected by these negative events, and even suggested that investors could be able to profit by investing in specific assets when they face comparable reductions.

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When he began his new political position, the 61-year-old American said that he would get his next three salaries in Bitcoin instead of dollars. In his most recent appearance, he reinforced his desire, saying:

"I'm going to get my first three paychecks in Bitcoin. "I haven't gotten my first check as of yet."

It is worth mentioning that he is not the first politician in the United States who wants to be compensated in cryptocurrency. Prior to him, down south in Florida, Miami's Mayor - Francis Suarez – had already stated that he would collect his salary in Bitcoin.

Related: Miami's Mayor invites Chinese miners to settle in the city.

During his election campaign last year, Adams pledged to make New York City "the hub of cybersecurity, the center of self-driving vehicles, the center of drones, and the center of Bitcoins." It seems that this pledge is also still on the table:

“The technology of blockchain, Bitcoin, and all other types of technology must be used. "I want New York City to be the epicenter of that technology."

Schools should teach crypto

Adams reaffirmed his support for cryptocurrencies in November of last year, characterizing Bitcoin and other alternative coinage as a "new means for people to pay for products and services all across the world."

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As a result, he asked American schools to establish a new course that would enable the younger generations to learn about Bitcoin and the technology that underpins it.

"We must make our schools available to educate the technologies."

Following that, the politician intimated that his government would make it possible for local companies to accept Bitcoin and other digital assets as a means of payment. Adams, on the other hand, indicated that the plan would be properly scrutinized before being implemented.