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News Sourced Wired

PayPal Galactic plans for ‘space business’

Washington, June 28 (ANI): Money transfer company, PayPal is looking at options of doing business in space with its latest initiative PayPal Galactic.

With PayPal Galactic, the company is trying to get answers to how will the banks adapt to space business, what would be the regulations and how the standard currency would look like, ABC News reports.

According to the report, President of PayPal , David Marcus and former astronaut Buzz Aldrin made a formal announcement on Thursday and live streamed their event at paypal-galactic.com.

Senior director of public relations for PayPal, Anuj Nayar realized the absurdity of their queries as they were unsure whether they will be taken seriously, but Search for Extra-Terrestrial Intelligence Institute (SETI) and the Space Tourism Society (STS) were thankful to the PayPal team for bringing up the imitative.

Founder of STS, John Spencer said that the timing couldn’t have been better as there is space renaissance at this time.

The report said that many private companies across the world are showing interest in space travel like the British Company Virgin Galactic, which aims to launch its first commercial space flight at Christmas time this year.

Meanwhile, Russian company Orbital Technologies plans to have its space hotel ready by 2016 and a Dutch company Mars One wants to put a colony on Mars by 2023.

Nayar said that it is an interesting exercise to see what type of a commercial system would be created without the old-wall infrastructure.

Spencer asked where would space fall under the regulatory guidelines as the Madrid Protocol banned commercial mining for resources in Antarctica and Moon and Antarctica being similar, he further asked does the Planetary Resources have the right to mine asteroids.

PayPal Galactic’s queries need cooperation from a lot of organisations like tech companies, bank officials and government agencies.

Nayar was sure of not having ATM’s in space and said that it is unimaginable for a space shuttle to just bring up bank notes, the report added. (ANI)