Twitter chief Elon Musk (Tesla & SpaceX CEO) has reportedly instructed his developers to build the platform’s payments system in such a way that cryptocurrency functionality can be added in the future.
Reports by a Jan. 30 Financial Times report, two people familiar with Twitter’s plans stated the payments feature will support fiat currencies to begin but be built to accommodate digital currencies should the chance arise.
Twitter has long teased bringing payments to the social media platform — forming part of Musk’s stated plan to make Twitter an “everything app.”
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (Tesla & SpaceX CEO) (@elonmusk) October 4, 2022
Nonetheless, it has remained vague as to whether these payments will involve blockchain tech or cryptocurrency technology, regardless of the Twitter CEO seeing a big role for crypto on Twitter platform.
In early December 2022, images were leaked revealing “Twitter Coins” — a secret in-development digital investment to be used for payments and tipping on the platform, with numerous hopeful it would involve cryptocurrency in some way.
Nonetheless, the more recently leaked images of the project in early January made no mention of cryptocurrency or blockchain tech much to the dismay of the community.
Unconfirmed speculation likewise resurfaced in October a year ago that Twitter was working on a wallet prototype that would support cryptocurrency deposits and withdrawals.
Nonetheless, it appears for the time being, the payments system will go ahead with only fiat support.
To that end, Twitter has begun the app process for state-based regulatory licenses across the United States that would allow it to introduce payments to the platform.
1 of the sources stated the company hopes the United States licensing process will be finished during a year.
In November 2022, “Twitter Payments LLC” registered with the United States Treasury Department’s Financial Crimes Enforcement Network (FinCEN) which would allow it to process payments.
In a Twitter Space around the same time, Musk stated he envisioned allowing bank accounts to be connected to Twitter profiles and incorporating debit cards along with the platform being able to support money transfers.
After the future approval of the United States licenses, Twitter would eye gaining regulatory approvals internationally reports by one of the sources.
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