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Elon Musk wants to include crypto in Twitter’s payment tool

According to reports, now Musk has instructed his developers to design the payment system of the Twitter platform in such a way that it can support crypto payments in the future.

According to Wallex and quoted by Coin Telegraph, two sources with knowledge of Twitter events told the Financial Times that Twitter’s payment tool will initially only support fiat currencies, but will also include digital currencies if the conditions are right. took

Twitter has long announced the addition of payments to its platform. This is part of Elon Musk’s plan to turn Twitter into an app for everything.

However, despite Twitter’s CEO ascribing an important role to crypto in the platform’s future, whether the payment tool will include blockchain technology remains in the air.

In December, images were leaked that revealed the existence of the “Twitter Coin”; A secretive and developing digital asset used for payments and tipping on the social network, many hoped it would use blockchain in some way.

However, there was no mention of blockchain or cryptocurrencies in new images released of the project in early January, much to the chagrin of the cryptocurrency community.

There were also unconfirmed rumors in October last year that Twitter was working on a digital wallet that would support cryptocurrency deposits and withdrawals. However, it seems that for now, the payment system will only support fiat currencies.

To that end, Twitter has begun the process of issuing state regulatory approvals across the United States that would allow it to introduce the payment tool to American users of the platform.

The company hopes to complete the U.S.-wide licensing process within a year, one of the sources said.

In November, Twitter registered a company called Twitter Payments LLC with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN), allowing it to process payments. In a similar tweet at the time, Musk said he was considering allowing bank accounts to be linked to Twitter profiles and allowing bank debit cards to be used on the platform to transfer money.

Following the upcoming approval of US licenses, Twitter is seeking regulatory approvals internationally, according to a Financial Times source.

The post Elon Musk wants to include crypto in Twitter’s payment tool appeared first on Wallex Blog. appeared.


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