The new CEO of Twitter, one of the most important social media platforms in today’s society, is the billionaire Elon Musk. According to reports, the billionaire explained his vision for the future and gave his developers instructions on how to design Twitter’s new, incoming payment system so that it may enable crypto functions.
The future Twitter payment system, according to insiders familiar with the situation, would initially support fiat currencies but will be designed in such a way that it may accommodate cryptocurrencies as demand for them increases.
Twitter has long been interested in cryptocurrencies, thus the news of its acceptance of cryptocurrencies is not brand-new. In order to make Twitter a “everything app,” Musk has indicated that he will incorporate cryptocurrency into the aforementioned platform. Although the use of bitcoin in the next Twitter payment system is a notion, specifics are still unknown.
Twitter Payment System
The “Twitter Payments LLC” had already been set up with the U.S. government in November 2022. The Financial Crimes Enforcement Network of the Treasury Department (FinCEN). The aforementioned registration formally enables the aforementioned payment system to handle payments.
Back then, during the Twitter Space event, the billionaire himself, Elon Musk, expressed his idea. In which he stated that he intended to permit the linking of bank accounts to Twitter profiles. Additionally, he planned to include debit cards in addition to the platform’s ability to conduct money transactions.
The Financial Times’ sources went on to say that Twitter would start focusing on obtaining regulatory clearances abroad after successfully receiving U.S. license approval.
Twitter Coin
Before 2022 comes to a conclusion, multiple photographs of what are known as the “Twitter Coins” have been made public. The aforementioned currency is purportedly a digital asset that is still under development but will allegedly be used for tipping and making payments on the social networking site Twitter.
The cryptocurrency community’s aspirations have been boosted by the news of the aforementioned “Twitter Coin.” The aforementioned hopes, however, were quickly dashed when additional photographs of the aforementioned “Twitter Coin” that had been published earlier in 2023 showed no indication of cryptocurrency or blockchain technology.
In addition, a later report about Twitter developing a wallet prototype that would permit cryptocurrency deposits and withdrawals has also made headlines. However, the most current rumor indicates that the aforementioned payment system would initially only allow fiat currencies.
The relevant social media site is currently attempting to obtain the necessary state-based regulatory permits across the United States, which would enable it to add payments to the platform. This was previously mentioned. The procedure in question is taken to have been completed this year.
