The community was in shock because of PayPal's punitive policy in favor of crypto payments
The Twitter community is opposing PayPal's misinformation-based sanctions policy in favor of more crypto payments.
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Specifically on October 8, according to a source from Daily Wire, the world's leading payment platform PayPal suddenly launched a policy that will allow the company to penalize users based on a list of prohibited activities including: This includes sending, posting, or publishing any message, content or material that is intended to promote false information or pose a safety or health risk to customers.
PayPal will independently review each breach and the user may be liable for damages up to $2,500 per breach. In addition, only actions on the PayPal platform are subject to the policy.
With this information, the majority of people in the crypto community expressed disappointment on behalf of PayPal users. Some even teased that this move by PayPal will further expose traditional users to the decentralized, uncensored advantages of crypto. As a result, the public is "more eager" to leave Web2 to join Web3.
“PayPal censorship and payment blocking is the best example of how badly the world needs to accept crypto payments with stablecoins. At this rate, the trend of Web3 adoption will happen more because of the reckless actions of Web2 companies.”
Jim Bianco – President of the financial analysis company Bianco Research LLC also completely agrees with this view:
“Crypto will “fix” PayPal’s mistake.”
However, the wave of protests really "escalated" when the comment of David Marcus – Former crypto project manager at Meta (formerly Facebook), returned to the market with new ambitions for Bitcoin. through the development of the Lightning Network solution, along with the support of Tesla CEO Elon Musk under the feedback section.
“It is difficult for me to publicly criticize a company that I once loved and devoted so much to. But PayPal is going against everything I believe in. A private company can now decide to take your money if you say something they disagree with. Unbelievable.
I totally agree."
Facing a series of outrage from the community, PayPal was forced to withdraw its decision. A company spokesperson was quick to say in a statement:
“PayPal does not penalize people for misinformation and this language was never intended to be included in our policies. We apologize for the confusion caused.”
Since PayPal officially allowed all US users to buy, sell, and hold Bitcoin in late 2020, the company quickly integrated Venmo wallet with additional support for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) just three months later. Not only that, but PayPal is also considering issuing its own stablecoin, launching a crypto super app, and enabling a new function that allows transferring crypto to other wallets in 2022.
However, it can be said that PayPal's latest move is somewhat contrary to the free, transparent, and decentralized "nature" that crypto possesses, which the company is looking to develop through the started implementing of many reception moves during the past two years. This is tantamount to PayPal being "hurt" itself to the company's Web3 business.
FoxCryptoNews summary
Oct 10, 2022
