Elon Musk wants a Twitter payment system built with crypto in mind

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Twitter chief Elon Musk has reportedly instructed its developers to build the platforms’ payment system in such a way that encryption functionality can be added in the future.

According to a January 30 Financial Times report, two people familiar with Twitter’s plans said the payments feature would support fiat currencies to begin with, but would be designed to accommodate cryptocurrencies should the opportunity arise.

Twitter has long teased bringing payments to the social media platform as part of Musks’ stated plan to make Twitter an app everything.

The purchase of Twitter is an accelerator to create X, the application of everything

Elon Musk (@elonmusk) October 4, 2022

However, it remained vague as to whether these payments will involve blockchain or crypto technology, although the Twitter CEO sees a big role for crypto on Twitter.

In early December, footage was leaked revealing Twitter Coins, a secret digital asset being developed to be used for payments and tips on the platform, many hoped would involve crypto in some way .

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

Unconfirmed rumors also emerged last October that Twitter was working on a prototype wallet that would support crypto deposits and withdrawals.

However, it seems that for now the payment system will only work with fiat support.

To that end, Twitter has begun the process of applying for state regulatory licenses across the United States that would allow it to introduce payments on the platform.

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

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In November, Twitter Payments LLC registered with the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which would allow it to process payments.

During a Twitter Space event around the same time, Musk said he was considering allowing bank accounts to be connected to Twitter profiles and incorporating debit cards with the platform capable of facilitating payments. money transfers.

According to one of the Financial Times’ sources, following the future approval of US licenses, Twitter would consider seeking regulatory approvals internationally.

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