Regulation
Elon Musk says NO to cryptocurrencies on Twitter! Here because!
Sat 22 June 2024 ▪ 3 minute read ▪ by Eddy S.
Elon Musk, an ardent supporter of Dogecoin, is working on launching a payment service via Twitter. But, to everyone’s surprise, this service will not include cryptocurrencies… for now. This news was revealed following Twitter Payments LLC acquiring its first money transmitter license in the state of New Hampshire! This suggests that Musk’s plans to integrate a payment system into the social media platform are well underway.
Twitter ventures into payments but forgets cryptocurrencies!
The launch of the project, called “X Payments”, is expected. within this year. It will work similarly to services like Venmo but without the cryptographic functionality initially planned. Money transfer licensing documents submitted to regulators in 11 states reveal that the system will be based primarily on fiat currency payments, although crypto functionality may be added later.
This decision might seem counterintuitive, especially considering Musk’s stated love for cryptocurrencies. However, it perhaps reflects a more cautious and regulated approach to the digital payments sector, which remains under intense regulatory scrutiny. The cryptocurrency market is often associated with high volatility and regulatory risks, which could complicate the integration of such functionality into a traditional payment service.
A strategic decision by Elon Musk?
The absence of cryptocurrencies in the Initial payment plan for Twitter has sparked mixed reactions within the crypto community. Some see this as a step backwards for cryptocurrency adoption! While others see it as a strategic decision that may be revisited in the future as the regulatory landscape and cryptocurrency payments infrastructure stabilizes.
Although Elon Musk’s announcement of Twitter’s cryptocurrency-free payment service disappointed some Dogemoneta fans, represents a significant advancement for the social media platform. With the introduction of “X Payments”, Twitter could become a major player in the field of digital payments, although, for now, it remains rooted in the traditional monetary system.
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Eddy S.
The world has evolved and adaptation is the best weapon to survive in this wavering universe. The crypto community manager at the base interests me in everything that touches or comes close to the blockchain and its derivatives. With a view to sharing my experience and getting to know a domain that I am passionate about, I am the one who writes informative and décontractés a la fois articles.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.