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The latest PayPal user policy allows the company to fine users $2,500 for spreading “misinformation.” It must be noted that after November 3, anyone who posts or publishes information or content to “promote misinformation” will be subject to the penalty. PayPal retraced the published policy and claimed the update had gone out “in error.”
As per the report, the payments services corporation Paypal is all-set to update its user agreement with a new clause that opposes so-called “misinformation.” The new update added to the restricted activity section of Paypal’s user agreement indicates that people who post or publish hate speech or misinformation “may subject you to damages, including liquidated damages of $2,500.00 U.S. dollars per violation, which may be debited directly from your Paypal account.” Firstly, The Daily Wire noticed the upcoming terms of service (ToS) agreement.
PayPal’s Policy Update
PayPal warns about the prohibited activities including “the sending, posting, or publication of any messages, content, or materials” that “promote misinformation.” In response to this news the people do not seem in favor of this and on social media showed their criticism over Paypal’s decision to implement the new user agreement.
A Canadian lawyer David Anber wrote: “[Hey Paypal] you have 30 days to explicitly renounce this abomination of a policy or I am permanently closing my account as will millions of others I am sure. Your subjective views on ‘misinformation’ or ‘discrimination’ don’t entitle you to your clients’ money.”
In addition, this Paypal news grabbed the attention of Tesla executive Elon Musk. He replied to the Tweet of David Marcus by showing his support to Marcus’s Tweet on October 9, 2022.
A huge number of people on social media now request others to “close their Paypal accounts” and also “boycott” the payment services firm.
A spokesperson from PayPal mentioned in a written statement that “An AUP notice recently went out in error that included incorrect information. PayPal is not fining people for misinformation and this language was never intended to be inserted in our policy. Our teams are working to correct our policy pages. We’re sorry for the confusion this has caused.”
The cryptocurrency entrepreneur said on October 8, 2022 “It’s hard for me to openly criticize a company I used to love and gave so much to. But @PayPal’s new AUP goes against everything I believe in. A private company now gets to decide to take your money if you say something they disagree with Insanity.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
