Crypto community says new PayPal policy would drive crypto adoption

The cryptocurrency community on Twitter argues that PayPal’s now-revoked misinformation policy could encourage more people to adopt cryptocurrencies.

policy

of policy It would have allowed payment companies to fine users up to $2,500 for providing false information.

The company said its list of prohibited activities includes “promoting misinformation” or “posing a risk to the safety and health of users” and “transmitting, posting or publishing messages, content or materials”. It was said that

PayPal continues to investigate each violation independently, and users may be held liable for damages up to $2,500 per violation.In addition, only actions on the PayPal platform are subject to the policy.

However, the company was forced to reverse its decision after drawing the ire of users and key stakeholders, including Elon Musk.

agreed

Elon Musk (@elonmusk) October 8, 2022

According to a company spokesperson, Said:

“PayPal does not fine people for incorrect information. This language was not intended to be inserted into our policies. We apologize for any confusion this may have caused.”

The Crypto Community Calls For Crypto Adoption

Those in the crypto community argue that the move could be a catalyst to drive more people into the industry.

Santiago Santos, host of the Crypto podcast Empire, murmured,”PayPal’s censorship of speech and blocking of payments is the best thing that has happened regarding the adoption of crypto payments using stablecoins. At this rate, the reckless behavior of web2 companies will drive more adoption of web3.

Companies like PayPal see freezing funds for user crimes as the final frontier in the fight for free speech.

And it perfectly proves what we crypto geeks have been screaming for the past few years.

ully (@BullyEsq) October 8, 2022

Others agreed with this view, and Jim Bianco, president of Bianco Research, said, “Crypto solves this.”

Meanwhile, James Lavish added that this shows what to expect with CBDC. “You think PayPal is bad. Wait until they find out what they can do with CBDC,” he said. Said.

However, not everyone believes crypto will fix censorship exactly.Some have revealed that Bitcoin (BTC) only Beyond censorship, all other tokens are mostly centralized and subject to censorship.

Cipher?i.e. bitcoin

Jerrick Naylor (@JerrickNaylor) October 8, 2022

They gave examples of the recent suspension of the BNB chain, the freezing of crypto assets during the Freedom Convoy protests. Canadaand the US OFAC decision to sanction Tornado Cash.

Tell Canadians whose cryptocurrency wallets were frozen because they were wrong.

John Connor (@JohnCon89879921) October 8, 2022