PayPal President David Marcus Believer in Bitcoin
Many people see PayPal and Bitcoin as mortal enemies tied up in an eternal struggle for digital currency domination. PayPal President David Marcus doesn’t feel that way, at least a few recent tweets he made would suggest.
Part of the conflict lies in PayPal’s existing policies against selling currency due to regulatory issues.
This was highlighted in a take-down email received by a PayPal user.
We have reviewed your PayPal account and found that you have been involved in the sale of electronic media exchange (such as electronic money or digital currency). Per our current Acceptable Use Policy for Money Service Businesses, PayPal may not be used for currency exchange including the sale of Bitcoin Miners, Lite Coins [sic] and Bit Coins [sic].
Marcus responded online via a tweet saying that equipment was okay, just not currency. Perhaps Bitcoin miners are a gray area as they can be used to generate currency once plugged in.
To clarify: we have no policies against using PayPal to sell Bitcoin mining rigs. We don’t support any currency txn whether fiat or BTC…
— David Marcus (@davidmarcus) January 13, 2014
He continued.
…for a host of regulatory issues. But we treat BTC and any FX txn the same way. We’re believers in BTC though.
— David Marcus (@davidmarcus) January 13, 2014
It’s great to see the executive sharing positive sentiment about Bitcoin, but clearly it will take time to work out the details. Stay tuned for further developments.
[…] PayPal President David Marcus Believer in Bitcoin […]
[…] PayPal President David Marcus tweeted about his belief in Bitcoin, even though his company has yet to integrate the digital currency and is blocking the sale of Bitcoin. […]
[…] PayPal President David Marcus tweeted about his belief in Bitcoin, even though his company has yet to integrate the digital currency and is blocking the sale of Bitcoin. […]