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PayPal is Developing Crypto-assets Capabilities

PayPal has revealed that it is developing crypto-assets capabilities. In response to the European Commission in March, the payment giant claimed that it had taken “tangible steps to further develop its capabilities in this area” PayPal’s response to the commission is part of a public consultation that opened in December last year. The commission wanted feedback on building an EU framework for crypto-assets. PayPal highlighted that the commission has to set clear definitions of various crypto activities as well as to put crypto-activities within the scope of applicable anti-money laundering rules. The payment giant has speeded up its process since the Libra project was announced in June 2019. As a reminder, PayPal was one of the Libra Association members until October 2019, along with other major payment companies such as Visa and Mastercard. As previously reported, the Financial Action Task Force had proposed guidelines to regulate the crypto industry to its 37 member countries. Since then, several countries have enforced these guidelines to some extent.

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The US Secret Service has paid $183,750 for a four-year contract with Coinbase to use its blockchain analytics service.The exchange users believe their privacy is in jeopardy due to the government agency having the ability to view their on-chain activities. According to USASpending.gov, a government source for data, the contract expires on May 10, 2024. Earlier, the crypto exchange Previously, Coinbase had offered to license its analytics platform to both the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS). As previouslu reported, Coinbase users removed over $200 million worth of BTC from the U.S.-based digital currency exchange shortly after Coinbase offerring to IRS and DEA. Coinbase CEO Brian Armstrong tweeted that blockchain analytics software is nothing new and it uses publicly available data to track crypto transactions for catching bad actors.

The post Coinbase Gets Thumbs Down from Users Due to Contract with the US Secret Service appeared first on HYIP.com - Online Investment Starts Here.

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