PayPal announces a new policy that sets the financial ceiling for some NFT transactions


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PayPal has announced that it has updated its Seller Protection Program by excluding transactions for non-fungible tokens (NFTs) worth 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.

PayPal first announced that users in the United States would be able to buy bitcoin and other cryptocurrencies in October 2020.

In 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 a credit or debit card inside 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 ex-Twitter CEO’s tweet which was also one of the first NFTs to sell over $1 million in cryptocurrency.

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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