Elon Musk’s X Acquires Currency Transmitter License, May Introduce Crypto Payments: Report
Elon Musk’s X has acquired a currency issuer license for the microblogging platform in a US state, suggesting that the social media platform formerly known as Twitter may soon support crypto payment processing as well as in fiat currency. This license gives a company the right to facilitate the custody, transfer and exchange of digital currencies. Musk, who acquired X last year, said he wanted to turn it into a “do-it-all app.” The billionaire envisions the X as a platform that would allow users to communicate, share and also process payments in the future.
According to a report by CoinTelegraph, X has acquired a currency issuer license in Rhode Island. The currency transmitter license is a legal requirement for money transfer companies in the United States, according to the report.
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Popular social media platform X (formerly Twitter) is set to introduce cryptocurrency payments for its nearly 450 million active users. X recently obtained a currency transmitter license from Rhode Island, allowing it to store, transfer and exchange digital assets. pic.twitter.com/EK8huDrSBy
— 0x.daVinci (:blue_heart:,:orange_heart:) (@0x_daVincii) August 30, 2023
It is said that the payment functionality on X might initially only allow payments in fiat currency. However, in later stages of its upgrade, the feature could also enable the transfer and exchange of cryptocurrencies.
The crypto market reacted positively on Wednesday. The valuation of the crypto sector rose overnight by 4%, taking its value to $1.09 trillion (roughly Rs 90,07,269 crore), according to CoinMarketCap.
Musk’s favorite altcoin – Dogecoin – also rose in value by more than three percent amid the news to trade at $0.066 (roughly Rs. 5.42). Curiously, Musk himself hasn’t released anything about the company acquiring the license.
It should be noted that Rhode Island is not the only US state to have granted this money transfer license to X. Earlier this year, Michigan, Missouri and New Hampshire, among other US states, have also approved the license for X, making Rhode Island the seventh state. have done so, according to the CoinTelegraph report.
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