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Recently fintech giant PayPal reportedly introduced a policy related to actions against misinformation. The policy received quiet backlashes from the crypto community over social media platforms which led the company to take its decision back.
The crypto community argued that the policy could result in bringing more people within the crypto space.
PayPal’s policy was said to counter the issue of misinformation on the platform. The firm stated that several activities had been added in the prohibited list which includes sending, posting or publishing a message or content that would promote misinformation or anyhow act a risk for safety or well being for the users on the platform.
The company said that it would have reviewed each such case independently and in case of being found guilty, the user would be liable to pay up to 2,500 USD as fine against the damages by violating the policy.
However, soon after the announcement of the company, several users and stakeholders of the company—including Elon Musk—took to Twitter and showcased their disagreement to the decision.
Taking the issue seriously, one spokesperson of the company said that PayPal was not up to putting a fine on people for spreading misinformation. He said the intention of the language within the message was not intended to show what it was being implied out of it. He apologized for the confusion it created.
Meanwhile, the crypto community has brought a number of arguments in favor of policy. They argued that an action to act like a catalyst driving interest of more people towards the industry.
Host of a prominent crypto podcast named Empire, Santiago Santos said censoring of speech and blocking payments was the best thing from PayPal that could have happened to boost the crypto adoption and payments using stablecoins. Given the reckless actions of companies within the Web 2 space, the adoption of Webb 3 would get a boost.
Santos said that PayPal, like giant businesses blocking the funds for users, might consider the crimes as the final frontier when it comes to the fight in favor of free speech. And the action clearly justifies the demands crypto supporters had been asking for for quite some time.
Adding more to the similar view, Jim Bianco—president of Bianco Research—said that crypto fix this.
Hedge fund manager James Lavish said the action clearly indicates what could be expected from CBDCs. He said if someone considered the actions of PayPal were bad then they should wait for the CBDCs.
Although not everyone was in support of the notion to bring censorship over the crypto where some specifically stated that only the top cryptocurrency bitcoin (BTC) is above any kind of censorship. Whereas other crypto tokens are mostly centralized and they need to be censored.
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.
