Elon Musk has reportedly told the developers at Twitter to design their payment system with the possibility to add crypto functionality should the option become available in the future. The payment feature would support traditional currencies initially with the scope for adding cryptocurrencies.
Musk envisions Twitter to be an “everything app” hence he wants to integrate the payment system into it as well. However, there is no information on whether or not these payments would use crypto or blockchain technology. Musk strongly believes that crypto would play an important role on this social media platform.
Back in December, people came across some leaked images of ‘Twitter Coins’, which is probably a confidential digital asset in the making for tipping and payments on Twitter. People hoped it to have a link to crypto. However, there is no mention of blockchain or crypto in the latest leaked images of the project.
Rumors were doing the rounds in October 2022 that Twitter was developing a wallet prototype that should be able to handle crypto deposits and withdrawals. However, presently it seems that the payment method would only deal in traditional currencies.
Licensing and registration
The company is in the process of obtaining regulatory licenses at the state level in the USA to enable payments on Twitter. Within a year, Twitter aims to complete the licensing process in the USA.
Twitter Payments LLC is registered with the Financial Crimes Enforcement Network, U.S. Treasury Department since November. It is done to enable payment processing. Once the required approvals are bagged from the U.S. regulators, the company would seek approvals from international regulatory bodies.
Musk said in a Twitter Space Event that he thought of linking bank accounts to Twitter profiles and adding debit cards to enable the microblogging site to handle monetary transactions.