RESTON, Va.--(BUSINESS WIRE)--Jul 19, 2023--

PayPal has launched a new cryptocurrency that is tied to and backed by the US dollar. PayPal USD, issued by Paxos Trust Company, is a type of digital currency called a stablecoin, which differs to other cryptocurrencies like bitcoin as their values are tied to traditional fiat currencies like dollars, pounds or euros. “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar,” said PayPal chief executive Dan Schulman. “Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.” The new crypto token will roll out first to US PayPal customers, offering the ability to send and transfer PayPal USD to other people, as well as fund purchases when checking out at online stores. The new cryptocurrency comes at a time of increased scrutiny at the crypto industry, with regulators looking to avoid a repeat of the TerraUSD stablecoin collapse that wiped tens of billions of dollars from markets in 2022. The TerraUSD token was also pegged to the US dollar, however unlike PayPal USD it was not backed up by any dollar reserves. Instead, it used a partner cryptocurrency to maintain its value algorithmically, which ultimately caused both cryptocurrencies to crash in tandem. Other companies have also attempted to launch stablecoins, including Facebook’s Libra project, which was shut down last year after facing push back from regulators. The US House Financial Services Committee has since advanced a bill aiming to set up a federal framework for stablecoins in order to integrate them into modern payment systems. “We are currently at a crossroads to keep America at the forefront of digital asset innovation,” US Representative Patrick McHenry, who chairs the committee, said in a statement following PayPal’s announcement. “Congress is making significant, bipartisan progress on legislation to ensure the US leads the financial system of the future.” Read More What is Elon Musk’s ‘everything app’ X? Kenya suspends eyeball-scanning crypto worldcoin

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Elon Musk has announced that Twitter will purge accounts that have been inactive on the social media platform for a long time. The Twitter chief had already expressed interest last November in purging inactive accounts. He said in the following month that Twitter would “soon” start freeing the usernames of 1.5 billion accounts, adding that inactive accounts would be deleted in the process. “We’re purging accounts that have had no activity at all for several years, so you will probably see follower count drop,” Mr Musk tweeted on Monday. “It is important to free up abandoned handles,” the multibillionaire said. Responding to a user, the Tesla and SpaceX chief said several usernames will become available as a result of the move. Many users replied to Mr Musk’s tweet, asking if there will be a way to memorialise accounts of deceased users. The multibillionaire hinted that deleted accounts “will be archived”. The latest decision comes as Twitter continues to make new changes to the platform to boost revenue even as some of the measures have alienated users and advertisers. Earlier last month, the company did away with free blue check marks, and monetised its user verification process, charging people $8 each month for the “blue tick” badges. Mr Musk, however, proceeded to reinstate the blue tick on some celebrity, media and other high profile accounts even as some of the recepients protested receiving free verification. Twitter has also tried several different approaches to boost revenue, including relaxing some of its policies that ban political advertisements and adding a more expensive ad-free subscription option to the platform. The social media company also announced that it was planning to charge companies from $42,000 to as much as $210,000 per month for access to its Application Programming Interface. Twitter has also changed its content policies, announcing it will rely more on artificial intelligence to moderate posts on the platform. The platform is also trying to attract more content creators. On Tuesday, the Tesla chief tweeted to his followers that their “support of content creators” on the platform is “very much appreciated”. “We keep none of the subscription revenue for the first 12 months & only 10 per cent thereafter,” Mr Musk said. Read More New Twitter rules expose election offices to spoof accounts Bluesky: Twitter alternative surges in popularity as celebrities join and people fight over invites AI isn’t falling into the wrong hands – it’s being built by them

HOUSTON--(BUSINESS WIRE)--May 16, 2023--

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YouTube has launched a verification system for UK-based doctors, nurses, and other healthcare professionals to help Britons dodge medical misinformation online. UK-based users accounted for more than two billion video views of clips on health conditions in 2021. YouTube added a new seal of approval to accounts run by licensed doctors, nurses, psychologists, and other health practitioners or organisations who have passed stringent verification checks to fight misinformation. YouTube head of UK health Dr Vishaal Virani said the move to verified health videos for UK users was crucial due to the number of Brits accessing healthcare information through the video-sharing platform. Dr Virani told the BBC: “Whether we like it or not, whether we want it or not, whether the health industry is pushing for it or not, people are accessing health information online. We all know how difficult it can be to differentiate between healthcare information from trusted and reliable sources and content which is inaccurate or doubtful provenance Professor Dame Helen Stokes-Lampard “We need to do as good a job as possible to bring rigour to the content that they are subsequently consuming when they do start their care journey online.” The verification system began accepting applications from UK-based healthcare professionals to those with an active medical licence in June. Accounts that applied to the verification scheme are now starting to receive their YouTube mark of authenticity on their videos, to make it as easy as possible users to know if the information has come from a qualified healthcare professional. Potential health creators submitting their accounts have to go through a rigorous, multi-stepped verification process that works in partnership with the Academy of Medical Royal Colleges and the NHS. Health creators also have their past videos scrutinised and do not receive verification if previous videos uploaded to YouTube have contained any medical misinformation. Chairwoman of the Academy of Medical Royal Colleges Professor Dame Helen Stokes-Lampard said the partnership with YouTube had resulted in a positive solution for all. Dame Helen said in a statement: “We all know how difficult it can be to differentiate between healthcare information from trusted and reliable sources and content which is inaccurate or doubtful provenance. “I am pleased to say we have been able to draw on our own expertise and that of organisations from across the UK healthcare landscape to produce an easy-to-apply set of principles which will ultimately benefit everyone who turns to YouTube seeking trustworthy health information.” YouTuber and doctor Simi Adedeji has already received her YouTube tick of approval. But Dr Adedeji told the BBC that her videos, which primarily focus on skin health and women’s health, are not to be used in lieu of making an appointment with a medical professional for real-life advice. Dr Adedeji said: “There’s a difference between giving medical education, which is what we’re doing, and giving medical advice, which we don’t do. “It’s about giving medical information so that the audience feels empowered and can then go and see their doctor.” Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live Should you swap your foundation for a lightweight skin tint? What should you do if you think your child is being bullied at school? What women should do if they experience violence online

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