PayPal announces a new policy setting the financial ceiling for some NFT transactions
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Answer PayPal announces a new policy setting the financial ceiling for some NFT transactions
PayPal has announced that it has updated its Seller Protection Program by excluding financial transactions for non-fungible tokens (NFTs) over $10,000.
Reducing high NFT coefficients:
According for page PayPal policy updates, NFT transactions over $10,000 will no longer be permitted.
The changes will take effect from March 21 this year.
The document detailing that items, transactions of art, digital media, antiques, or physical or digital collectibles, as represented by the NFT with a value in excess of $10,000 or its equivalent, and as calculated at the time of the transaction, will be ineligible.
Read:Bitcoin is still resilient to the Corona virus… and financial markets are suffering
PayPal first announced that users in the United States would be able to buy bitcoin and other cryptocurrencies in October 2020.
The following year, 2021, PayPal began allowing users to spend their cryptocurrencies, such as Bitcoin, Ethereum, Bitcoin Cash and Litecoin, at millions of online merchants around the world.
Talking about PayPal’s transitional leap into cryptocurrency, PayPal CEO Dan Schulman said:
This is the first time that cryptocurrencies can be used seamlessly in the same way as using a credit or debit card within your PayPal wallet.
We believe it is a transitional point as cryptocurrency transitions from being mostly an asset class to buy, hold or sell to now becoming a legitimate source of financing for real-world transactions for millions of merchants.
Bad actors sweeping the NFT arena:
PayPal’s move comes less than a week after the US-based NFT marketplace Cent NFT halted sales of NFTs due to rampant scams and counterfeit digital assets.
Cameron Hegazy, CEO of Cent NFT, described the platform as facing a fundamental problem in the fast-paced world of digital assets.
Cent NFT is best known for hosting an exclusive auction of a digital copy of the former Twitter CEO’s tweet which was also one of the first NFTs to sell over $1 million in cryptocurrency.
Read:Report: List of Safest Cryptocurrency Exchanges in 2020
Recently, it was reported that the UK tax authorities seized three NFTs linked to a suspected case of such fraud estimated at approximately $1.9 million.
Read also:
Crypto company “Fireblocks” acquires “First Digital” company…Details here
Twitter adds Ethereum to its new “tip jar” service
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