PayPal fines up to $2,500 for intolerance
PayPal imposes fines of up to $2,500 for “intolerance” built into their terms of service.
As stated in PayPal’s User Agreement, the company states:
“You acknowledge and agree that US$2,500.00 for each violation of the Acceptable Use Policy is currently PayPal’s reasonable minimum estimate of actual damages.”
The Acceptable Use Policy states that “the promotion of discriminatory hatred, violence, racial or other forms of intolerance, or criminal financial exploitation; [and] Anything that is considered obscene. ”
Specifically, PayPal says you cannot use its service to pay for anything that falls under any of the above criteria. A problem that can lead to unsavory attempts is that the idea of ”intolerance” and “items considered obscene” can be viewed as subjective.
PayPal therefore stands as an arbitrator on the appropriate use of funds not belonging to the company. In doing so, the company has generated a flurry of criticism over the development of a digital yuan, China’s central bank digital currency (CBDC).
Critics of China’s CBDC have cited concerns over the state’s ability to control what residents can and cannot choose to spend their money on, with China potentially acting as a blacklist for unauthorized behavior. Combined with the social credit system, the criticism is easy to understand.
Bitcoin cannot be censored the way China can control the CBDC or how PayPal tries to censor the services it allows its customers to use. Bitcoin is the antithesis of financial censorship.
PayPal fines up to $2,500 for intolerance
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