On Thursday (June 27), online-payment company PayPal and the SETI (Search for Extraterrestrial Intelligence) Institute unveiled , an initiative that aims to figure out the best way to process financial transactions beyond Earth.
This is much easier said than done, with many big questions demanding attention right off the bat, officials said. []
"What will be our standard currency up there? How will the banking system need to adapt?" PayPal president David Marcus said here at the SETI Institute during the project's unveiling on Thursday. "How will risk and fraud management evolve? IP address from space? That's not a country for us; how are we going to deal with that?"
It's also unclear at the moment , and which bodies here on Earth would do the regulating, Marcus added, stressing that such issues will take a while to work out.
"We will focus on answering those questions and inviting everyone around the table who wants to participate scientists and the industry as well," Marcus said. "We're really, really looking forward to having the conversation for the next couple of years."
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