It appears that leading auction site eBay has received the blessings of Central Bank of Russia to operate as a non-credit banking institution and start its PayPal business in the region. As of right now, no one is sure whether eBay has actually got the license from the Russian authorities. Initially the worldwide government relations team of the multinational corporation declared through a post on their Main Street blog that the auction site had received the license from Russia to operate PayPal in the country. Shortly after eBay’s public relations team pulled the announcement from the blog. As result of this move a lot of confusion was observed because local representatives of eBay have not been able to clarify the situation.
Luckily the cached edition of the post made by eBay’s international relations team lives on and you can also read the exact words of the report from below:
“eBay Inc. Government Relations is pleased to announce that this week the Central Bank of the Russia (CBR) approved PayPal’s Non-Credit Banking Institution (NCBI) application.
The NCBI license was a requirement stemming from a National Payments Law passed by the Russian Duma and signed by then-President Dmitri Medvedev in 2011.
This license, a product of over two years of work by a core team of PayPal business unit and central function staff, will allow PayPal to operate a domestic business in Russia. The journey toward the NCBI license involved Government Relations arranging for and directly meeting with several departments in the CBR over many months, and educating and training CBR officials on how PayPal and electronic payments systems operate successfully around the world.
eBay Inc. and PayPal are happy to open up yet another domestic market, making it easier for all of our customers to buy and sell across borders.”
Though numerous outlets have reported the news of eBay’s license approval, a spokesperson of the auction site for Russia told a different story to Ain. According to that representative, eBay did not get a license from the Central Bank of Russia to start its business in the country. On the other hand Digit reported that local representatives of PayPal failed to confirm the news. Therefore, at this point in time there is a lot of uncertainty and it cannot be said for sure that eBay has received the approval from Russian authorities or not.
Hopefully, after the latest development someone from eBay will come out and clarify the situation.
Source: TNW
Photo: TNW
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