PayPal And SETI Are Working On An Off-Planet Currency

off-planet currencyEarthly problems are being spread to outer space. The International Business Times reports:

On Thursday, the online payment giant PayPal announced PayPal Galactic, a collaboration with the SETI Institute aimed at developing new payment systems for the final frontier. The frontier is here: Virgin Galactic is launching its first public flight this Christmas, and space hotels could be in orbit around Earth as early as 2016.

“As space tourism programs are opening space travel to ‘the rest of us,’ this drives questions about the commercialization of space,” PayPal President David Marcus said. “One thing is clear: We won’t be using cash in space.”

There are lots of questions about what form a space-friendly money system might take. Will spaceships and habitats have the communications technology needed to transfer money? How will banks manage accounts for people living off-planet? How will government financial regulations pertain to people in space (perhaps to curtail a new kind of “offshore banking”)?

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  • Jonathan Waller

    PayPal is a disaster on Earth. I don’t want to imagine what they’ll do in space. :/

    How about forgetting the banks and third parties like PayPal, and just sending money person to person with Bitcoin?

  • Adamas Macalz

    Haven’t you ever watched star trek? go to space= more enlightened society that has given up finances… that’s how it works right?

  • Conspiracy Carrot

    money

    money

    MONEY

    money money
    Money MONEY money

    money money

    MONEY moneymoneymoney
    Money

    Money

    spacemoney

    Money

  • Andrew

    Dice don’t work in a weightless environment either! Somebody better get to work on that!

    • Calypso_1

      Is that why God doesn’t play dice?

  • InfvoCuernos

    “Paypal Galactic”? That’s a little optimistic. Maybe Paypal Solar System for now…

    • Anarchy Pony

      Like Virgin Galactic. Try Virgin Low Earth Orbit.

      • InfvoCuernos

        Lol, nothing like letting the crazy billionaire set the trends for the future of space commerce.

  • Rhoid Rager

    things naturally abundant on earth and abundance allows money to work; yet central control of money makes it all seem scarce.
    things are naturally scarce in space; so money wouldn’t work in space

  • BuzzCoastin

    one of the effects of money technology
    is that it makes humans think about money all the time everywhere
    so it hasn’t yet occurred to them
    that money isn’t universal and probably not necessary
    if wee ever make it that far