Old Paypal only shops are still working fine. But you can't open new paypal only shops, it's not available anymore. Only Etsy payments is available. They even removed PayPal only countries from the "shop country" list.
I guess it was too many stealth accounts coming back with PayPal only enabled stores.
Wouldn't worry so much, there's banking solutions like Payoneer which will give you bank account immediately and you can register from almost any country in the world.
I can understand why,with Paypal,the buyer can go to Paypal and file a dispute,then if he loses,he goes to his cc issuer.
Now it is just one step,MP /Etsy/and why let Paypal makes money?
30 cents transaction fee and 2.9% -4.4% discount fee,