eBay Now Allows The Sale Of Virtual Currency

Virtual currencies such as Bitcoin has found widespread popularity and legitimacy globally. eBay has now decided to join the party, officially allowing the sales of virtual currency in the online marketplace.

eBay Virtual Currency category

The new ‘Virtual Currency‘ section on eBay allows not only the sales of such currencies but also mining contracts and miners. The policy shift is interesting and may hint at eBay’s willingness to finally adopt an accepting attitude towards the virtual currencies.

The decision may have been affected by the fact that a number of virtual-currency-related listings had been appearing on the site for quite some time. Miners would sell currencies and mining contracts online. With the new category, eBay is finally recognizing these users and apparently attempting to organize them under a single banner.

According to the company’s updated Currency Policy, ‘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.’

This is certainly a big deal for the virtual currency arena. While Bitcoin continues to remain the most popular and successful virtual currency, others such as Dogecoin have gained significant traction in recent months. Recent reports suggest that eBay may have plans of launching a cryptocurrency of its own in the future. If that turns out to be so, the present decision is a strategic move by the e-retail giant.

Source: eBay

Courtesy: TechCrunch

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Salman Latif is a software engineer with a specific interest in social media, big data and real-world solutions using the two.Other than that, he is a bit of a gypsy. He also writes in his own blog. You can find him on Google+ and Twitter .

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