eBay embraces virtual currency trading

By VCPOST Staff Reporter

Apr 05, 2014 04:23 PM EDT

eBay, the entity that owns payments firm PayPal has now allowed its clients to trade virtual currency such as bitcoin and dogecoin on its site. Under its new Virtual Currency category, miners and mining contracts have been added as well, according to TechCrunch.

The online auction giant explained: "To promote a trustworthy marketplace and ensure compliance with applicable regulations, eBay updated its Currency Policy in February. The updated policy clarifies that listings for Bitcoin and other similar virtual currencies must be listed in the Virtual Currency Category in the Classified Ad format. In terms of mining gear and mining contracts, those can be listed as auction or Buy It Now."

According to Coin Report, this feature is available for the US site for now. Although bitcoin and other digital currency are now allowed to trade on the site, the currency is still not accepted as a means of payment. The main reason for this is its competition with its own payment service PayPal. As of now, eBay's digital currency categories are Currency, Mining Contracts, and Miners, the report detailed.

Meanwhile, eBay Chief Executive Officer (CEO) John Donahoe has already declared his interest in virtual currency. He said PayPal is working on a digital wallet that can accommodate different kinds of currency, Coin Report stated.

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