Daily Crypto World News Updates (Feb/11/2023)

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PayPal Suspends Crypto Stablecoin Development

⏯ Bloomberg reported that PayPal is suspending its crypto stablecoin development amidst regulatory concerns in the industry. The payment platform is halting its work on its very own stablecoin following the investigation into Paxos that was announced yesterday.

🔹 The stablecoin issuer was a key partner in the PayPal project and is officially under investigation by the New York State Department of Financial Services. Following the announcement of the probe, PayPal has paused development in order to better “understand the changing regulatory landscape for such digital assets,” according to the report.

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Russia To Launch $12.3 Million Crypto Mining Farm in Coming Months

🇷🇺 The Russian Federation is looking to launch a crypto-mining facility worth over $12.3 million (900 million rubles) in the coming months. According to a report by local Russian media, RBC, this massive data processing center will be located in Buryatia, a Russian republic in eastern Siberia. Upon completion, the data center is expected to house 30,000 mining devices, with a projected total power consumption of 100 megawatts. In addition, the 100-megawatt mining station will pay only half of its electricity tariff following its integration with the national power grid.

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