Twitter’s Upcoming Payments Tool will initially Support just fiat currencies, yet Elon Musk wants it built to potentially support Crypto in the future.
Twitter Chief Elon Musk has reportedly Instructed his developers to build the platform’s payments system so that Crypto Functionality can be added from now on.
According to a Jan. 30 Financial Times report, Two individuals acquainted with Twitter’s plans Said that the payments feature will support fiat currencies to start however be built to Accommodate Cryptocurrencies should the opportunity arise.
Part of Musk’s stated plan to make Twitter an “everything application” is that it will bring payments to the social media platform.
However, it has remained vague as to whether these payments will involve blockchain or crypto technology, despite the Twitter CEO seeing a major role for Crypto on Twitter.
Toward the beginning of December, pictures were leaked revealing “Twitter Coins” — a secret in-development digital asset to be used for payments and tipping on the platform, with numerous confident it would involve crypto in some manner.
However, the more recently leaked pictures of the project toward the beginning of January made no notice of crypto or blockchain technology, likely arousing a lot of disappointment for the community.
Unconfirmed rumors also arose last October that Twitter was working on a wallet prototype that would support crypto deposits and withdrawals.
However, it appears for the time being, the payments system will go ahead with just fiat support.
To that end, Twitter has started the application process for state-based regulatory licenses across the United States that would allow it to acquaint payments with the platform.
One of the sources said the company trusts the U.S. licensing process will be completed soon.
In November, “Twitter Payments LLC” registered with the U.S. Treasury Department’s Financial Wrongdoings Enforcement Network (FinCEN), which would allow it to process payments.
In a Twitter Space occasion around the same time, Musk said he imagined allowing bank accounts to be connected to Twitter profiles and incorporating check cards alongside the platform having the option to facilitate money transfers.
Following the future approval of the U.S. licenses, Twitter would eye acquiring regulatory approvals internationally, according to one of the Financial Times’ sources.
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