Elon Musk Wants Twitter to Support Cryptocurrency Payments

Billionaire philanthropist Elon Musk became the new CEO of Twitter in October 2022. Following the news, he delivered his vision for the future and gave instructions to developers on how to design Twitter's new, future payment system to enable cryptographic features.

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Twitter's upcoming payment system will initially support only fiat currencies, according to insiders, but will be designed to accommodate cryptocurrencies in the future as demand for them increases.

The news of Twitter's adoption of cryptocurrencies is nothing surprising, as Twitter has been interested in the technology for quite some time. In order to make Twitter an "app for everything," Musk has hinted that he will include cryptocurrencies on the platform. While the use of bitcoin in Twitter's future payment system is still an idea, the details are not yet known.

Twitter's payment system

"Twitter Payments LLC" was registered with the US government in November 2022. This Financial Crimes Enforcement Network of the Treasury Department (FinCEN) registration formally allows the aforementioned payment system to operate.

This idea was put forward by Elon Musk during the Twitter Space event. During this event, he stated that he wanted to link bank accounts with Twitter profiles. In addition, he is planning for Twitter to include debit cards as well as the ability to make monetary transactions.

Once Twitter obtains a US license, it will begin to focus on obtaining regulatory approvals abroad, sources told the Financial Times.

Twitter Coin

At the end of 2022, a few photos of the so-called "Twitter Coins" were published. This currency is supposedly a new digital asset that is in development, and which would be used as a tipping and payments currency on Twitter.

This news delighted the crypto-addict community, but the excitement didn't last long. Additional photos of the "Twitter Coin" released in early 2023 did not suggest that it was a cryptocurrency at all, or even based on blockchain technology.

Additionally, there was also news of the development of a prototype Twitter wallet that would allow for cryptocurrency deposits and withdrawals. However, the latest rumors suggest that said payment system would initially only allow fiat currencies.

Twitter is currently trying to obtain all the necessary regulatory approvals in the various US states that would allow it to add payments to its platform, as mentioned above. The process should be completed this year.

Source: coinwire.com