Paypal Shuts Down in Greece; Bitcoin Still Operates

Capital controls imposed by the Greek government mean that Greek citizens can only withdraw 60 euros (effectively 50 euros after ATMs have run out of 20 euro notes) and online payment service, PayPal, has been left crippled, as a result. PayPal relies on the traditional banking sector and credit card industry for all its transactions to flow.   Fact is, there is an old-style bank that underpins nearly every finance tech start-up that purports to threaten and disrupt the old guard.  Examples are peer-to-peer lending platforms such as Prosper and Lending Club.  Neither company holds the loans they award on their own balance sheets, but, instead, acquire the funds from WebBank, Salt Lake City, Utah.”

https://www.cryptocoinsnews.com/paypal-shuts-greece-bitcoin-still-operates/

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