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PayPal is working with NASA and other organizations to devise a space currency which could be used during galactic tourism.

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Space travel by anyone but astronauts seems too far in the future still. But PayPal believes that the time is upon us and now it is collaborating with a number of other companies to launch a galactic money transfer initiative. The initiative would attempt to devise ways through which payments could be made for, let’s say, moon-bars.

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A number of big wigs have put their weight behind commercial space travel. This includes the likes of Microsoft co-founder Paul Allen and Tesla CEO Elon Musk, among others. These rich fellows have poured billions into space tourism and fervently believe that space travel for commercial passengers will soon become the norm.

However, for commercial space travel to be viable, there will have to be bars or hotels at moon and elsewhere where people could stay, have fun and make the most of their predictably expensive trips. The big conundrum is, how will these travelers pay for these luxuries when in space?

This is where the role of PayPal comes in. Currently, PayPal is working with the likes of NASA and certain other organizations with the goal of deciding the kind of currency and the method of payment that will be used during galactic travels.

However, there are many complications. The companies involved in the initiative have to work with governments to devise regulations that will determine the value of the currency that is eventually decided and the possibles uses to which the currency could be put. Moreover, it also remains to be decided who will govern the use of this currency – whether it would be a given government or a conglomeration of governments.

Courtesy: CNET

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  On June 28, 2013(1 year, 9 months ago.)

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