<\/p>\n
While information today can be easily transferred over the internet via email or text, global payments on the other hand, have remained in a \u201cfax era,” according to the former president of PayPal.\u00a0<\/p>\n
In a\u00a0Sept. 11 interview with CNBC, the former PayPal executive and co-founder of\u00a0Bitcoin Lightning-focused payment service Lightspark said he believes Bitcoin’s Lightning network could solve the cumbersome process of sending money across jurisdictions.\u00a0<\/p>\n
\u201cIf you were to stop [someone] and wanting to communicate with them you could ask them for an email address and you can email them easily the next minute [and] you could text them,\u201d said Marcus.\u00a0<\/p>\n
However, there\u2019s no universal protocol when it comes to transferring money over the internet, he said:<\/p>\n
\u201cIf you were to send them money [but] they were not a U.S citizen here using one of the same fintech apps you’re using then you wouldn’t be able to do that. So we’re still in the fax era of global payments.\u201d<\/p><\/blockquote>\n
Marcus explained that a money transfer to non-U.S. residents in this case would involve obtaining their bank account number and walking to the local bank to pay $50 for an international wire.<\/p>\n
\u201cIf it’s after Friday at 5 pm, tough luck,\u201d Marcus added.<\/p>\n
\nDavid Marcus on #bitcoin<\/a> as base settlement layer for “Trillions of dollars of transactions”pic.twitter.com\/L21fmiwxyZ<\/a><\/p>\n