Paypal has been playing the safe card on the regulation side for years. They have managed to block many crypto investors for swapping USD for crypto in the past. But now they are offering the crypto wallet in their accounts. Earlier crypto wallet feature was only supported in USA. Now this feature has been rolled out in the UK as well.
Currently in US they are supporting Bitcoin Cash, LiteCoin, Ethereum and Bitcoin in their crypto accounts. The same will be supported in the UK accounts too in near future.
The terms apply part that you see in tweet is basically referring to the inability of the users who can't withdraw the funds in the crypto. That part is yet to be added into the accounts. So basically this is the type of the crypto account on which the users have no control.
What does this mean for crypto?
Paypal accounts accepting crypto is not really crypto. It's just the paypal controlled wallet where they can stop you anytime when they want to. You may have some level of sending and accepting options. But knowing paypal and it's past history of the account control. Don't expect this to be anonymous. It would be tracked somehow which is a big giveaway of this being not a crypto but more of regulated blockchain exchange being tracked under the hood.
So knowing the dark side of the paypal, let's look at the bright side. Yes now you can convert your crypto from one guy to another and have FIAT exchanged. And yes your funds would be monitored and checked so you are doing things on legal grounds and not hiding as per them. Which is kind of fine knowing you would not have sherrif knocking on the door for you buying weed from south America.
So think of this news as 50/50 for being helpful and deceptive at the same time for consumers.
