August 17, 2018By Robert Johnson
“That decision [to block Turkish PayPal users], coming as Turkey introduces economic measures to curb its currency’s rampant devaluation, was the result of PayPal needing ‘necessary approvals’ to serve users in the country, a support agent had previously written on Twitter. ‘We have no choice but to suspend processing payments in your region. We will continue to seek to obtain the necessary approvals to enable us to recommence PayPal services in Turkey in the future,’ the agent explained.”See more for yourself, here. What’s our take? It’s actually rather shocking that PayPal have decided to take these steps. Of course, PayPal will be back and will be live in Turkey soon enough, but their response to a financial crisis really does seem to be the opposite of what the majority of us would expect. Bitcoin has achieved a consensus that means people know they can turn to it in financial crisis. Okay, the price might be volatile but as a means of storing money to prevent it devaluing under a FIAT crash, it’s the perfect solution. PayPal should be offering this service too. They should be allowing people to use their service to move money away from a landslide if that happens, not blocking them out. Bitcoin has already achieved what PayPal wanted to achieve and this does epitomise it all. PayPal have a lot of work to do if they want to recover from this, it’s damaged their reputation and in the process, boosted many peoples affiliation to Bitcoin.