Elon Musk, the CEO of Twitter, is said to have given his developers instructions to construct the platform’s payment system in a way that will enable the addition of crypto features in the future.
According to two people familiar with Twitter’s intentions, the payments feature will initially handle fiat currencies but will be designed to allow cryptocurrencies should the opportunity arise.
As part of Musk’s declared goal to turn Twitter into an “everything app,” Twitter has long hinted at introducing payments to the social media network.
According to Musk, Purchasing Twitter will speed up the development of X, the all-encompassing app.
Despite the fact that the Twitter CEO believes cryptocurrency will play a key role on Twitter, it is still unknown whether these payments would employ blockchain or cryptocurrency technology.
Images of “Twitter Coins,” a secret in-development digital asset to be used for payments and tipping on the site, were first seen in early December. Many speculated that the digital asset would somehow integrate cryptocurrency.
The project’s more recent leaks, which occurred in early January, disappointed the community because they omitted any mention of cryptocurrency or blockchain technology.
Unfounded rumors circulated in October about Twitter working on a prototype wallet that would allow crypto deposits and withdrawals.
However, it appears that for the time being the payments system will only continue to run on fiat. Twitter has begun the process of requesting state-based regulatory permits across the US in order to incorporate payments on its site.
According to one of the sources, the business anticipates finishing the U.S. licensing procedure in a year.
“Twitter Payments LLC” is registered in November with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department in order to handle payments.
Around the same time, Musk mentioned his plans to integrate debit cards, enable bank accounts to be linked to Twitter profiles, and enable money transactions on the site during a Twitter Space event.
According to the report, Twitter would aim to obtain regulatory permits abroad after the future granting of U.S. licenses.
