PayPal's policy updates, including NFT transactions, come in the wake of bad actors fraudulently duping users in the space.
, NFT transactions valued at more than $10,000 are ineligible. The changes will come into effect from March 21 this year.further elaborating stated that items or transactions such as art, media, antiques, or collectibles, physically or digitally, as represented by an NFT worth more than $10,000 or equivalent value in local currency, as calculated at the time of the transaction, will not be eligible for its Seller Protection Program.
“Revising PayPal’s Seller Protection program to expand the list of ineligible items to include certain Non-Fungible Tokens with a transaction amount of more than $10,000 USD.”enabling users in the US to buy Bitcoin and other cryptocurrencies in October 2020. The following year, the payment processor started allowing users to spend their cryptocurrency holdings, such as Bitcoin , Ether , Bitcoin Cash , and Litecoin , at millions of online merchants across the world.
Talking about the “transitional point” of cryptocurrencies, PayPal CEO and president Dan Schulman earlier stated,“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet. We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants.
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