From Tweets to Transactions: Elon Musk Push for a Payments Revolution on Twitter

• Elon Musk wants twitter’s upcoming payments feature to be designed with the possibility of supporting cryptocurrency.

Twitter is one of the biggest social media platforms in the world with more than a billion members. Twitter has been a dependable source of news and entertainment from breaking news to discussions on popular issues.

Elon Musk, the founder and CEO of Twitter, is said to have given his developers instructions to construct the platform’s payment system in such a way that will allow for the addition of crypto functionality in the future.

According to Musk’s vision. The system would first operate with fiat currency but might gradually incorporate cryptocurrency functionality, the Financial Times reported on January 30.

As part of Musk’s declared goal to turn twitter into an everything app, twitter has long hinted at adding payments functionality to the social media network. However it is yet unclear whether these payments will use blockchain or cryptocurrency technology, despite the fact that twitter CEO sees cryptocurrency as playing a significant role on twitter.

Images of “Twitter Coins” – a secret in-development digital asset to be used for payments and tipping on platform, were leaked in early December last year, raising hopes among many that it would somehow incorporate cryptocurrency.

To the community’s dismay, the project’s more recent leaks which took place in early January did not include any references to cryptocurrencies or blockchain technology. Last October, unconfirmed rumors also circulated that twitter was developing a prototype wallet that would allow both cryptocurrency withdrawals and deposits.

However it seems that the payments system will continue to function only on fiat for the time being.

In order to implement payment on its platform, twitter has started the application process for state-based regulatory licenses across the United States. According to one of the insiders, the business anticipates finishing the U.S. licensing procedure within a year.

In order to process payments, Twitter Payments LLC registered with the FInancial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department in November last year.Around the same time, during a twitter space event, Musk described his vision for the platform which included adding debit cards and enabling bank accounts to be linked to twitter profiles.

In summation, Musk’s intentions to develop a payment system for twitter have the potential to completely alter the social media platform and the way its users communicate with one another. Despite the obstacles, there is reason to believe that Musk’s suggested payment method will eventually become the standard for transactions on twitter given his track record of successful innovation.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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