CryptoWatch: UK with Britcoin, PayPal's Stablecoin, and the Coinbase Insider Trading Case

CryptoWatch is here to deliver the top news inside the world of cryptocurrency from last week, and one of the latest developments here is the United Kingdom's quest to debut its new coin, "Britcoin." This also goes alongside the temporary pausing in PayPal's development of a stablecoin it develops and the insider trading case against Coinbase's former manager.

UK is Joining the Crypto Game with 'Britcoin'

The United Kingdom is looking into joining the world of cryptocurrency with a new project it aims to soon deliver to its citizens that centers on a digital coin for its country. This project is dubbed as the "Britcoin," and it aims to deliver a blockchain that would enable its constituents to own crypto that has the same value as its British pound.

There is a massive trend in the world now, and these are central banks launching their digital currencies to provide their citizens access to the blockchain world.

According to a report by AP, the country is now seeking public feedback regarding a supposed central bank digital currency which it may soon launch in the future.

Research by PwC claims that 80 percent of the world today either has launched its digital currencies or is already planning to have one in the future.

Former Treasury head, Prime Minister Rishi Sunak, dubbed it "Britcoin," but is still a name in progress as the Bank of England noted it might bring confusion to the public soon.

PayPal's Stablecoin Development

PayPal has plans in developing a stablecoin to bring to the world, but that saw a significant halt in its creation now, due to many factors surrounding its development. One reason centers on the ongoing heat behind Paxos, its stablecoin developing partner, which is currently under investigation by the New York Department of Financial Services.

According to Bloomberg, this temporary pause will also help PayPal know more about the path they are to tread in the stablecoin development, as the company revealed to be looking into future work with regulators for the digital currency.

Stablecoins are famous for being low-risk in the blockchain industry, but this does not mean that it is a sure shot toward fame and dominance in the crypto world.

Coinbase Insider Trading Suit

A former manager from Coinbase will soon be facing the consequences of his former actions, and this is because of his hand in insider trading secret actions back when he was still working for the company. Ishan Wahi already admitted to his former scheme which generated a whopping $1.5 million in ill-gotten wealth.

He supplied the information to his brother, Nikhil Wahi, and friend, Sammer Ramani.

His brother, Nikhil, already faced an earlier lawsuit, looking at ten months in prison.

Ishan used his position to supply knowledge on which coins will launch on the platform, which Nikhil and Ramani would buy early, giving them an edge over the competition.