PayPal may be preparing to work with cryptoactives, according to recent rumors, although Decred co-founder Jake Yocom-Piatt is not sure of the veracity of those rumors.
„It’s hard to say if this thing about PayPal soon accepting crypto currencies is rumor or not,“ Yocom-Piatt told Cointelegraph by email when asked about these rumors.
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This combination doesn’t seem to fit
Recent news showed that PayPal, was looking to fill jobs related to cryptomoney and blockchain, while rumors circulated that the platform would integrate cryptoactives.
While this addition would provide greater accessibility to digital assets, Yocom-Piatt added that Bitcoin Loophole such a move would not be aligned with PayPal’s system. „Specifically, PayPal is known for depriving its users of access to funds legitimately acquired on its platform with little or no justification,“ he said.
„The fact that users‘ funds are restricted in this way is something that crypto currencies are designed to avoid, which makes this integration, if it’s really in progress, an odd combination,“ Decred co-founder said.
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A report several months ago showed difficulties around making payments by PayPal users, who based on different terms, transactions were marked and restricted. „PayPal, along with its subsidiary Venmo, uses a system that automatically flags keywords in the payment note field that could indicate a violation of U.S. sanctions,“ Slate said in the February 2020 article.
The scene around the term being flagged remains a difficult conundrum, as safety and security remain important, as does monetary freedom. Although not related to money, a similar situation has affected the crypto-youtuber community in recent months, as many of the major channels were banned as a result of their content being flagged.
Cryptomonies are the opposite
Bitcoin, the pioneering asset of cryptomontages, at its core, serves as a method for the transfer and storage of value, away from government control. Users can retain and transfer value themselves, without the authorities directly influencing the value of the overall non-governmental asset.
Instead, payment services such as PayPal use government currencies within controlled parameters.
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„A trust payment platform, known to deprive access to funds that would be adding support for crypto currencies, which are known to have no restrictions on funds,“ Yocom-Piatt said after his comment that crypto currencies and PayPal are an odd combination.
Whether or not PayPal will add this new asset class will be determined in the future.