PayPal suspends operations in Russia

PayPal has joined a host of companies who have suspended operations in Russia.

The move comes after Visa, Mastercard, and American Express stopped processing transactions for Russian financial organisations in the past week.

The payments giant told Reuters it would continue to process customer withdraws “for period of time” and it would ensure that “account balances are dispersed in line with applicable laws and regulations.”

In addition, last week also saw interbank association SWIFT ban several Russian financial institutions.

"PayPal supports the Ukrainian people and stands with the international community in condemning Russia's violent military aggression in Ukraine," said a letter from chief executive at PayPal Dan Schulman posted by Mykhailo Fedorov, vice prime minister of Ukraine and minister of digital transformation of Ukraine

“Every cultural sphere that isn’t the US or China will build national stacks for social media, shopping, and the like as part of its digital defense strategy,” said former chief technology officer of Coinbase and general partner at Andreessen Horowitz. “But they won’t have the scale to be globally competitive on their own.”

He added: “They’ll need to hook into BTC/web3 for that.”

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