Crypto community says new PayPal policy will drive crypto adoption
Twitter’s crypto community has argued that PayPal’s now-cancelled misinformation policy could drive more people toward crypto adoption.
The policy
The policy would have allowed the payments company to penalize users for misinformation by fining them up to $2,500.
The firm had stated that the list of prohibited activities included “sending, posting or publishing messages, content or material” that “promotes misinformation” or “poses a risk to user safety or well-being.”
PayPal continued that it would independently review each violation, and the user could be liable for up to $2,500 in damages for each violation. In addition, only actions on the PayPal platform will be subject to the policy.
However, the firm was forced to backtrack on the decision after it sparked outrage among users and major stakeholders, including Elon Musk.
Agreed
— Elon Musk (@elonmusk) 8 October 2022
The company’s spokesperson reported so:
“PayPal does not fine people for misinformation, and this language was never intended to be included in our policy. We apologize for the confusion this has caused.”
The crypto community demands crypto adoption
Those in the crypto community have argued that this move could be the catalyst that drives more people into the industry.
Santiago Santos, host of crypto podcast Empire, tweeted“PayPal censorship of speech and blocking of payments is the best thing that has happened for the adoption of crypto payments with stablecoins. At this rate, web3 adoption will happen more because of the reckless actions of web2 companies.”
Companies like PayPal freezing funds for user thought crimes are the last frontier in the fight for free speech.
And it certainly confirms what we crypto geeks have been screaming about for the past few years.
— ₿ully (@BullyEsq) 8 October 2022
Others also agreed with this view, and the president of Bianco Research, Jim Bianco said that “crypto fixes this.”
Meanwhile, James Lavish added that this shows what to expect with CBDCs. “You think PayPal is bad. Wait until you see what they can do with CBDC,” he said so.
However, not everyone believes that crypto exactly fixes censorship. Someone clarified it only Bitcoin (BTC) is above censorship, and every other token is largely centralized and subject to censorship.
Crypto? You mean bitcoin
— Jerrick Naylor (@JerrickNaylor) 8 October 2022
They gave examples of the recent shutdown of the BNB chain, the freezing of crypto assets during the Freedom Convoy protest in Canadaand the US OFAC decision to sanction Tornado Cash.
Tell that to the Canadians whose crypto wallets were frozen for wrong thinking.
— John Connor (@JohnCon89879921) 8 October 2022
