Apparently, Elon Musk, the head of Twitter, has instructed its developers to build the platform’s payment system in such a way that cryptocurrency functionality can be added in the future..
According to a January 30 report in the Financial Times, two people familiar with Twitter’s plans said that the payments feature will support fiat currencies to begin with, but will be built to accommodate cryptocurrencies if the opportunity arises.
Twitter has long been announcing the introduction of payments on the social networkas part of Musk’s plan to turn Twitter into an “app for everything.”
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
The purchase of Twitter accelerates the creation of X, the application for everything
Nevertheless, has remained vague as to whether these payments will involve blockchain or cryptocurrency technologydespite the fact that the CEO of Twitter sees a great role for cryptocurrencies on the platform.
In early December, images leaked revealing “Twitter Coins,” a secret digital asset in development that would be used for payments and tips on the platform, and many expected it to involve cryptocurrency in some way.
Nevertheless, the latest leaked images of the project in early January made no mention of cryptocurrencies or blockchain technologymuch to the dismay of the community.
Also in October unconfirmed rumors surfaced that Twitter was working on a prototype wallet that would allow cryptocurrency deposits and withdrawals.
Nevertheless, it seems that, for the moment, the payment system will go ahead only with fiat support.
For itTwitter has begun the process of applying for state regulatory licenses throughout the United States that would allow it to introduce payments on the platform.
One of the sources said that the company expects the US licensing process to be completed within one year.
In November, “Twitter Payments LLC” registered with the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), which would allow it to process payments.
At a Twitter Space event around those same datesMusk said he planned to allow the connection of bank accounts to Twitter profiles and incorporate debit cards along with the platform to facilitate money transfers.
Following the future approval of licenses in the US, Twitter would consider obtaining regulatory approvals internationallyaccording to one of the sources of the Financial Times
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