{"id":7728,"date":"2022-10-09T20:08:00","date_gmt":"2022-10-09T20:08:00","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=7728"},"modified":"2022-10-09T20:08:01","modified_gmt":"2022-10-09T20:08:01","slug":"crypto-community-says-new-paypal-policy-would-drive-crypto-adoption","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7728","title":{"rendered":"Crypto community says new PayPal policy would drive crypto adoption"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Twitter\u2019s crypto community has argued that PayPal\u2019s now-canceled misinformation policy could drive more people toward crypto adoption.<\/p>\n<h2>The policy<\/h2>\n<p>The policy would have allowed the payments company to sanction users for misinformation by fining them up to $2,500.<\/p>\n<p>The firm had stated that its list of prohibited activities included \u201cthe sending, posting, or publication of any messages, content, or materials\u201d that \u201cpromote misinformation\u201d or \u201cpresent a risk to user safety or wellbeing.\u201d<\/p>\n<p>PayPal continued that it would independently review each offense, and the user may be liable for up to $2,500 in damages for each violation. In addition, only actions on the PayPal platform would be subject to the policy.<\/p>\n<p>The firm, however, was forced to backtrack on the decision after it drew the ire of its users and major stakeholders, including Elon Musk.<\/p>\n<p lang=\"en\" dir=\"ltr\">Agreed<\/p>\n<p>\u2014 Elon Musk (@elonmusk) October 8, 2022<\/p>\n<p>The company\u2019s spokesperson reportedly said:<\/p>\n<p>\u201cPayPal is not fining people for misinformation, and this language was never intended to be inserted in our policy. We\u2019re sorry for the confusion this has caused.\u201d<\/p>\n<h2>Crypto community calls for crypto adoption<\/h2>\n<p>Those in the crypto community have argued that this move could be the catalyst that drives more people into the industry.<\/p>\n<p>Santiago Santos, the host of the crypto podcast Empire, tweeted, \u201cPayPal censoring speech and blocking 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.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Businesses like PayPal freezing funds for user thought crimes is the final frontier in the fight for free speech.<\/p>\n<p>And it absolutely vindicates what us crypto nerds have been screaming about for the last several years.<\/p>\n<p>\u2014 \u20bfully (@BullyEsq) October 8, 2022<\/p>\n<p>Others also agreed with this view, with the president of Bianco Research, Jim Bianco saying that \u201ccrypto fixes this.\u201d<\/p>\n<p>Meanwhile, James Lavish added that this shows what to expect with CBDCs. \u201cYou think PayPal is bad. Wait until you see what they can do with CBDCs,\u201d he said.<\/p>\n<p>However, not everyone believes that crypto exactly fixes censorship. Some clarified that only Bitcoin (BTC) is above censorship, and every other token is mostly centralized and prone to censorship.<\/p>\n<p lang=\"en\" dir=\"ltr\">Crypto? U mean bitcoin<\/p>\n<p>\u2014 Jerrick Naylor (@JerrickNaylor) October 8, 2022<\/p>\n<p>They gave examples of the recent halt of the BNB Chain, the freezing of crypto assets during the Freedom Convoy protest in Canada, and the US OFAC decision to sanction Tornado Cash.<\/p>\n<p lang=\"en\" dir=\"ltr\">Tell that to the Canadians&#8217; whose crypto wallets were frozen for wrongthink.<\/p>\n<p>\u2014 John Connor (@JohnCon89879921) October 8, 2022<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/crypto-community-says-new-paypal-policy-would-drive-crypto-adoption\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Twitter\u2019s crypto community has argued that PayPal\u2019s now-canceled misinformation policy could drive more people toward crypto adoption. The policy The policy would have allowed the payments company to sanction users for misinformation by fining them up to $2,500. The firm had stated that its list of prohibited activities included \u201cthe sending, posting, or publication of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-7728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7728"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7728\/revisions"}],"predecessor-version":[{"id":7730,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7728\/revisions\/7730"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7729"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}