Musk’s X Obtains Licence for Crypto Payments on Twitter Platform
Elon Musk’s X has obtained a currency transmitter licence for the microblogging site in a US state, implying that the social networking platform previously known as Twitter may soon support processing payments in both crypto and fiat currencies.
This licence authorises a corporation to handle the custody, transfer, and exchange of digital currencies. Musk, who purchased X last year, has stated that he intends to turn it into an “everything app.” In the future, the billionaire views the X as a platform that would allow users to interact, share, and make payments.
According to CoinTelegraph, X has obtained a Rhode Island currency transmitter licence. According to the study, a currency transmitter licence is a legal requirement for money transfer companies in the United States.
According to reports, the payments feature on X may initially only accept payments in fiat currencies. However, in later phases of development, the feature may also allow for the transfer and exchange of cryptocurrencies.
On Wednesday, the cryptocurrency market reacted positively. According to CoinMarketCap, the crypto sector’s valuation increased by 4% overnight, bringing it to $1.09 trillion (approximately Rs 90,07,269 crore).
Dogecoin, Musk’s favourite altcoin, rose by more than three percent in response to this news, trading at $0.066 (approximately Rs. 5.42). Interestingly, Musk has not posted anything about the company obtaining the licence.
It is worth noting that Rhode Island is not the only US state that has granted X this money transmitter licence. According to the CoinTelegraph story, Michigan, Missouri, and New Hampshire, among other US states, accepted the licence for X earlier this year, making Rhode Island the seventh state to do so.
Keywords: Crypto, elon musk, dogecoin
Image: Twitter/@0x_daVincii