Turkey might prove to be a gold mine for digital currencies companies in the coming days. Thanks to issues being faced by PayPal due to the Turkish government’s refusal to renew their license to operate in the country.
With the leading global payment solutions provider’s license due to expire in the next few days, PayPal (NASDAQ: PYPL) will be forced to shut down. By doing so, the company will leave behind a huge void in peer to peer transactions and merchant payment solutions sectors. Bitcoin, on the other hand, can accommodate both the sectors and the best part, it doesn’t need any licenses.
According to reports, the main reason for the renewal of the license to be rejected by the government is because of PayPal’s non-compliance with one of the regulations which required the company to set up all the necessary infrastructure within the territory. The same regulations apply to almost all international payment services provider and according to reports by NASDAQ and TechCrunch, more companies may soon face the same issue. These regulations are especially applicable for payment and fund transfer businesses that hold its customers’ funds on their behalf.
Bitcoin to take the place of PayPal