So that startup can have their Paypal account frozen? No thank you. Probably the best way is to create a Coursera competitor.

That's tough. Not because the software isn't out there (see open edX), but because of the content. The big attraction is that this is content from premier universities. If you open Coursentenza, how could students (or employers/colleges) down the road assess the quality of the education you offer?

Heh. Coursentenza. Not all that bad for a site name.

Probably the best way would be to build a solid network of non-english speaking Universities and then, once the kinks are worked out, have them also publish their english-language courses.

There are quite a bunch of Universities out there that already publish lectures, and I'd imagine that with time there will be more and more. A particular example of quality is TIMMS[1], which has been around almost as long as MIT open courseware.

[1] http://timms.uni-tuebingen.de/Themen/Themen.aspx

OK, since we are doing bar talk here. I have a gut feeling that North European Universities will jump into this soon enough. They want to be innovative, if they had a good platform with some kind of official back up, they would be adding courses in a blink of an eye.

There are a few alternatives to PayPal now: Paymill and Sellfy are European companies, for example.

Udacity ?

they can use Bitcoin

lots of the same export rules apply in europe