The head of Twitter, Elon Musk, has reportedly instructed developers to build the platform’s payment system in such a way that crypto functions can be added in the future.
According to a January 30 Financial Times report, two people familiar with Twitter’s plans said the payment feature will support fiat currencies to begin with but is built to accommodate cryptocurrencies if the opportunity arises.
Twitter has long teased bringing payments to its social media platform – part of Musk’s plan to make Twitter an “everything app”.
Buying Twitter is an acceleration to create X, the whole application
– Elon Musk (@elonmusk) October 4, 2022
However, it remains unclear whether the payment will involve blockchain or crypto technology, although the CEO of Twitter sees it A great role for crypto on Twitter.
In early December 2022, a leaked image revealed “Twitter Coin” – a digital asset in secret development that will be used for payments and tips on the platform, with many hopes that it will involve crypto in some way.
However, a more recent project image leaked in early January did not mention crypto or blockchain technology much to the public’s dismay.
Unconfirmed rumors also surfaced in October last year that Twitter was working on a wallet prototype that would support crypto deposits and withdrawals.
However, it appears now that the payment system will move forward with fiat support.
To that end, Twitter has started the application process for state-based regulatory licenses across the United States that will allow it to introduce payments to 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 2022, “Twitter Payments LLC” registered with the Financial Crimes Enforcement Network of the US Treasury Department (FinCEN) which will allow payment processing.
In Space Twitter at the same time, Musk said that he wants to allow bank accounts to be connected to Twitter profiles and integrate debit cards along with platforms that can facilitate money transfers.
After the US license approval in the future, Twitter will get international regulatory approval according to one of the sources.