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> PayPal and other e-wallets are not required to have bank charters to issue dollar-backed digital currency, and neither should stablecoins. Paypal actually ha
by shakna 5y ago
> PayPal and other e-wallets are not required to have bank charters to issue dollar-backed digital currency, and neither should stablecoins.
Paypal actually has a bunch of state licenses. [0] Twenty-three of those are with a banking commissioner or department.
[0] https://www.paypal.com/us/webapps/mpp/licenses https://www.paypal.com/us/webapps/mpp/licenses
- CryptoPunk 5y agoThey have money transmitter licenses, which each state issues its own of, not bank charters.
- 6AA4FD 5y agoLike the other poster said, this is all about transmitting money, which is very different than keeping it, reinvesting it, and handing you a certificate/credit for it.