Earthly problems are being spread to outer space. The International Business Times reports:
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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”)?