Written by 10:57 pm Fintech/Cryptocurrency, News, Tech Views: 10

Paypal’s New User Agreement Allows Firm Fine Users $2,500 for Spreading ‘Misinformation’

Paypal’s New User Agreement Allows Firm Fine Users $2,500 for Spreading ‘Misinformation'
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A new Paypal user policy that permits the company to fine users $2,500 for spreading “misinformation” has caused quite a stir on social media platforms.

After November 3, anyone who posts or publishes information or content to “promote misinformation” will be subject to the penalty.

The payments services corporation Paypal reportedly plans to update its user agreement with a new clause added that fights against so-called “misinformation.”

A new update added to the restricted activity section of Paypal’s user agreement shows that people who post or publish hate speech or misinformation “may subject you to damages, including liquidated damages of $2,500.00 U.S.

dollars per violation, which may be debited directly from your Paypal account.”

The Daily Wire first discovered the upcoming terms of service (ToS) agreement.

The prohibited acts include “the sending, posting, or publication of any messages, content, or materials” that “promote misinformation,” the payments company warns.

Of course, the news wasn’t taken too kindly by the general public, and a significant number of social media posts critized Paypal’s decision to implement the new user agreement.

Canadian lawyer David Anber wrote: “[Hey Paypal] you have 30 days to explicitly renounce this abomination of a policy or I am permanently closing my account as will millions of others I am sure.

Your subjective views on ‘misinformation’ or ‘discrimination’ don’t entitle you to your clients’ money.”

Moreover, the Paypal news caught the attention of Tesla executive Elon Musk.

When an individual wrote that the new ToS news was “worrying” and “that’s why we need the X platform more than ever,” Musk responded “100%.”

Bitcoin supporters, of course, took to their Twitter handles and exclaimed that “bitcoin fixes this.”

A great number of people on social media begged others to “close their Paypal accounts” and “boycott” the payment services company.

“Paypal’s new policy lets it pull $2,500 from user accounts for promoting ‘misinformation,’ the Biden administration made easier for the government to spy on Americans, the FBI is acting like the KGB,” Pedro Gonzalez wrote on Saturday.

“Venmo is owned by Paypal which is owned by Ebay. Pull away from all 3 ASAP,” another person tweeted.

A number of individuals asked how Paypal decides what information is “misinformation” or not, and people many said current times are akin to a communist regime. One person wrote:

“And who decides what “misinformation” is? Why, Paypal, of course. I am sure they will be fair. Twitter will restrict your account if they don’t like what you post.

“Paypal has authorized [itself] to assess monetary fines for bad behavior. Welcome to the Soviet Union.”

Paypal Claims New User Policy Went Out in Error:

On October 8, a Paypal spokesperson explained to the National Review that the user policy notice shared wildly on Twitter and publications, was a mistake.

“An AUP notice recently went out in error that included incorrect information,” the Paypal spokesperson insisted.

“Paypal is not fining people for misinformation and this language was never intended to be inserted in our policy.

Our teams are working to correct our policy pages. We’re sorry for the confusion this has caused.”

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