“Bloomberg first reported the news after evidence of PayPal’s exploration into building its own stablecoin was discovered in the company’s iPhone app. Hidden code and images show work on what is called a “PayPal Coin.” The code shows the coin would be backed by the U.S. dollar.
We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.
PayPal has been very active with its cryptocurrency efforts recently, increasing the amount of crypto its customers can purchase, as well as investing in educating its users on crypto and working to allow them to withdraw their crypto safely to third-party wallets.”
“The popular narrative is that Fed’s plans to shrink its balance sheet and raise rates concurrently could lead to prolonged asset price deflation. ‘It’s time to evaluate the conviction you have in whether positive interest rates could damage equity portfolio and see further global downward pressures.’
The fears of a prolonged bear market in stocks and digital assets might be overblown as historically markets have remained resilient during tightening cycles.
Indeed, bitcoin pretty much remained bid through the major part of the previous tightening cycle that began in December 2015 and ended in December 2018. Further, stock markets came under pressure in the final quarter of 2018 – after nearly two years of rate hikes.
Bloomberg Intelligence commodity strategist Mike McGlone foresees bitcoin and crypto benefitting from the tightening cycle.
Expectations for Federal Reserve rate hikes in 2022 may support a win-win scenario for Bitcoin vs. the stock market. It’s a question of bull-market duration, and we see the benchmark crypto coming out ahead.”
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“Solana suffered a fourth network incident in the span of a few months. Two out of the four issues happened this week. According to Solana, this is happening because of a rise in high compute transactions.
Amid these recent events, Cyber Capital chief investment offic Justin Bons expressed his disapproval with Solana and published a series of tweets enumerating the reasons why he doesn’t support the project. Bons claims that Solana is ‘consistently displaying a pattern of bad behavior‘ and ‘prioritizing attracting ignorant investors over good blockchain design.’“
“On Friday, the venture capital firm – often called a16z for short – released a policy agenda aimed at global governments with 10 guiding principles on how to “build a better internet.” The venture capital firm has already spoken with “key leaders on every populated continent,” according to a16z’s Global Head of Policy.
a16z encourages world leaders to think proactively about Web 3 policy, starting by establishing a clear vision, providing clear and fair tax rules as they apply to digital assets, embracing multi-stakeholder governance and more.
We are seeing a growing number of governments approaching us saying that they want to be Web 3 republics.”
See Also: UK lawmakers form crypto advocacy group for parliament: Report