The co-founder of PayPal is in the Bitcoin news today – unveiling his and his partner’s early plans to create a global digital currency that would be independent from banks and governments and very similar to Bitcoin or practically any other cryptocurrency. In a video which was uploaded to the crypto streaming service Bloxlive.TV on Thursday January 31st, Luke Nosek said that PayPal initially wanted to create an in-app payment system which solves various problems and gives out actual solutions. When asked about whether PayPal or WeChat Pay (the Chinese messenger in-app payment system) manages to solve these problems, Nosek said:
“Many people don’t know this, but the initial mission of PayPal was to create a global currency that was independent of interference by these, you know, corrupt cartels of banks and governments that were debasing their currencies.”
The company (PayPal) still succeeded in building something that economically is very powerful, according to Nosek. However, they never achieved their initial goal and became too centralized while working with some of the biggest financial institutions such as Visa, Mastercard and SWIFT, which the co-founder admitted.
PayPal is obliged to do whatever it needs to do to keep those institutions happy, Nosek said. “We’ve learnt to play,” Nosek noted.
Finally, he concluded that he is grateful to Bitcoin and Ethereum developers for creating their own ecosystems and not pushing their adoption prematurely, adding that he hopes they will never have the same pressure from investors like PayPal did.