Will social media-based payment tools allow for “secure” cryptocurrency transactions and fundraising?

Colleagues, Google Pay, Alipay, WeChat Pay and Facebook Payments are among the most popular tools for online payments, money transfers and fundraising. Each tool is confronted with the dilemma of whether to accept cryptocurrency transactions. The Chinese Banking Regulatory Commission and the People’s Bank of China have release strong warnings against the so-called “crypto payments model”. In the US Google Pay and Facebook Payments are faced with similar challenges. They are global platforms and what is acceptable in one country or region may be prohibited elsewhere. The potential security risks are numerous – exchange fraud, money laundering, lack of transaction transparency along with the fundamental integrity of many second and third tier cryptocurrencies are bona fide concerns among government regulators, platform vendors and users alike. There is no “one size fits all” solution. Bottom line: We see marriage of online payment tools and cryptocurrencies as yet another ‘test’ as cryptos seek mass market adoption. Like other crypto related challenges we do believe that in time such issues will be resolved … although for now no one knows the precise solution. Share your thoughts today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)