Twitter boss Elon Musk has reportedly asked the company’s developers to create the platform’s payment system so that cryptocurrency functionality can be added in the future.

according to a reporting According to the Financial Times published on January 30, two people familiar with Twitter’s plans said that the payment system will initially support fiat currencies, but will be designed to include cryptocurrencies if opportunities arise. presented in the future.

Twitter has long planned to add payment methods to the social media platform. The move is part of Musk’s stated plan to make Twitter an “app for everything.”

Buy Twitter is an accelerator to build X, the app for everything

—Elon Musk (@elonmusk)

However, there was no certainty that Twitter’s payment system would involve blockchain technology or cryptocurrencies, although Musk envisions a significant role for cryptocurrencies on Twitter.

In early December, leaked footage revealed the “Twitter Coins” project – a secret digital asset under development that will be used to enable payments and tipping on the platform. Many people hoped that Twitter’s motto was somehow tied to cryptocurrencies.

However, the most recently leaked images of the project in early January made no mention of blockchain technology or cryptocurrencies, much to the dismay of the community.

Unconfirmed rumors also surfaced in October last year suggesting Twitter was working on a prototype 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 applying for state regulatory licenses in the United States that would allow the introduction of payment systems on the platform.

One of the sources said the company expects the US licensing process to be completed within a year.

In November, “Twitter Payments LLC” was registered with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to allow the company to process payments.

In a Twitter space around the same time, Musk said he was considering allowing bank accounts to be connected to Twitter profiles, incorporating debit cards into the platform to facilitate money transfers. through the social network.

After the approval of the licenses to operate in the United States, Twitter intends to obtain regulatory approvals in other jurisdictions, according to one of the Financial Times sources.

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