Yet, not everyone seems as excited about PayPal's decision to adopt crypto.
In fact, Nouriel Roubini, an economist, took to Twitter and shared an article, objecting to the world's largest payment processor – or one therefore – deciding to give the green light to crypto transactions.
According to Roubini, crypto on PayPal is no different than gambling. His exact sentiment read on the lines of:
“PayPal brings crypto gambling to US retail. Bad for customers, bad for PayPal.”
Roubini is right to worry, as many offshore gaming and sports betting operators have been using crypto to circumnavigate regulation.
Then again, there are those which comply with local jurisdictions gambling frameworks.
Brands such as Bitcasino, 1xBit, and FortuneJack never open support for a specific market uninvited or in violation of regulatory statures.
The article, written by David Gerard, an established and respected critic of the crypto space, argues that traders are going to get ripped off.
“I wonder how PayPal is going to help its new day traders deal with their tax obligations. Remember that, in the US, every individual crypto trade is a taxable event, and the IRS has already been requesting bulk data from retail-heavy exchanges like Coinbase.”
Roubini himself continues to be gung-ho when it comes to the crypto sector. He supported the CFTC charges raised against BitMEX CEO Arthur Hayes.
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