Elon Musk Wants Crypto Payments System on Twitter
Twitter CEO Elon Musk has directed his development team to construct the platform's payment system with the capability to include cryptocurrency functionality in the future. The payment feature will initially support traditional currencies but will be designed to accommodate cryptocurrencies if the opportunity arises.
Twitter has long hinted at adding a payment feature to the social media platform, which is part of Musk's vision of making Twitter an all-inclusive app. There have been rumors that Twitter is working on a crypto-compatible wallet and that the platform's payments will include some form of blockchain or crypto technology, but these reports remain unconfirmed.
Twitter has applied for state-based licenses in the United States to allow it to introduce payments on the platform, and the company hopes to receive the necessary approvals within a year. Twitter Payments LLC was also registered with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) in November to process payments.
Elon Musk has expressed his vision for Twitter to connect bank accounts with user profiles and incorporate debit cards for transfers. Once approved in the US, Twitter plans to seek regulatory approvals internationally.
Sources:
https://cointelegraph.com/news/elon-musk-wants-twitter-payments-system-built-with-crypto-in-mind
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