Get out of the way, bitcoin. There could be a new currency on the block — space money.
But how could that be possible, you ask? That’s the question that eBay’s payment business, Paypal, is trying to answer in launching their new initiative — PayPal Galactic.
The initiative, which has been backed by SETI Institute and the Space Tourism Society, will hopefully help the company explore what the economy and commerce will be like in space, as travel and tourism beyond Earth grow closer to becoming a reality.
Among the questions being asked are what the regulations will be like for the outer space currency and what it will actually look like.
Despite how sci-fi the idea may sound, PayPal president, David Marcus, told The Associated Press that the company is very serious about the idea.
“We feel that it’s important for us to start the conversation and find answers,” Marcus told the AP. “We don’t have that much time.”
Anuj Nayar, the senior director of public relations for PayPal, echoed Marcus’ statement.
“From our point of view, it’s an interesting exercise to see how you would create a commercial system if you were free from all the existing old-wall infrastructure,” he told USA Today.
The initiative comes as space travel is becoming an increasingly popular venture and more accessible.
Virgin Galactic is planning to launch its first commercial space flight on Christmas Day this year, while the Russian company Orbital Technologies is hoping to launch a space-craft hotel by 2016. Dutch company Mars One also wants to put a colony on Mars by 2023.
