Twitter CEO Elon Musk has instructed developers to build out the platform’s payment system so that it can add cryptocurrency functionality in the future.
According to a report by the Financial Times on January 30, Twitter’s payment function will initially support fiat currencies, but will also be built to support cryptocurrencies when the opportunity arises.
Twitter has been announcing the introduction of payments to the platform for some time, and will make Twitter a “anything app”.Mr. Musk’s planis part of
But Musk remains vague on whether these payments will involve blockchain or cryptocurrency technology, even though he believes cryptocurrencies will play a big role on Twitter.
In early December, images leaked showing a secretly developing digital asset used for payments and tips on the platform, dubbed “Twitter Coin,” leading many to become involved with cryptocurrencies in one way or another. I hope it will.
However, recently leaked images from early January made no mention of cryptocurrencies or blockchain technology, much to the dismay of the community.
Also, in October last year, unconfirmed rumors circulated that Twitter was working on a prototype wallet to support cryptocurrency deposits and withdrawals.
However, for the time being, it seems that the settlement system will only support legal currency. As a result, Twitter has begun the process of applying for state-based regulatory licenses across the United States to enable payments on its platform. One of the people said Twitter hopes to complete the U.S. licensing within a year.
In November, Twitter Payments LLC registered with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
If it can get U.S. approval, Twitter will look to seek regulatory approval outside the U.S., one of the sources told the Financial Times.
