Elon Musk wants Twitter payments system built with crypto in mind

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By Jess Coghlan, Cointelegraph.com

31st January 2023 – (New York) Twitter chief Elon Musk has reportedly instructed his developers to build the platform’s payments system in such a way that crypto functionality can be added in the future.

According to a 30th January Financial Times report, two people familiar with Twitter’s plans said that the payments feature will support fiat currencies to start but be built to accommodate cryptocurrencies should the opportunity arise.

Twitter has long teased bringing payments to the social media platform — forming part of Musk’s stated plan to make Twitter an “everything app.

However, it has remained vague as to whether these payments will involve blockchain or crypto technology, despite the Twitter CEO seeing a big role for crypto on Twitter.AdvertisementStay safe in Web3. Learn more about Web3 Antivirus →

In early December, images were leaked revealing “Twitter Coins” — a secret in-development digital asset to be used for payments and tipping on the platform, with many hopeful it would involve crypto in some way.

However, the more recently leaked images of the project in early January made no mention of crypto or blockchain technology, much to the dismay of the community.

Unconfirmed rumors also emerged last October that Twitter was working on a wallet prototype that would support crypto deposits and withdrawals.

However, it appears for the time being, the payments system will go ahead with only fiat support.

To that end, Twitter has begun the application process for state-based regulatory licenses across the United States that would allow it to introduce payments to the platform.

One of the sources said the company hopes the U.S. licensing process will be completed within a year.

In November, “Twitter Payments LLC” registered with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which would allow it to process payments.

In a Twitter Space event around the same time, Musk said he envisioned allowing bank accounts to be connected to Twitter profiles and incorporating debit cards along with the platform being able to facilitate money transfers.

Following the future approval of the U.S. licenses, Twitter would eye gaining regulatory approvals internationally, according to one of the Financial Times’ sources.