Twitter boss Elon Musk has reportedly instructed its developers to build the platform's payments system in such a way that crypto functionality can be added in the future.
According to a Financial Times of January 30 reportTwo people familiar with Twitter's plans said the payments feature will support fiat currencies to begin with, but will be built to accommodate cryptocurrencies should the opportunity arise.
Twitter has long teased bringing payments to the social media platform, being part of Musk's declared plan to make Twitter an โapp for everythingโ.
Buy Twitter is an accelerator to create X, the application of everything
โ Elon Musk (@elonmusk) October 4, 2022
However, he has remained vague as to whether these payments will involve blockchain technology or crypto, despite the fact that the CEO of Twitter saw a important role for cryptocurrencies On twitter.
In early December, images leaked revealing "Twitter Coins": a secret digital asset in development to be used for payments and tips on the platform, with high hopes that it will involve crypto in some way.
However, the more recently leaked images of the project in early January did not mention cryptographic or blockchain technology, much to the dismay of the community.
Unconfirmed rumors also surfaced last October that Twitter was working on a wallet prototype that would support crypto deposits and withdrawals.
However, it seems that for the time being, the payment system will go ahead with only fiat support.
To that end, Twitter has begun the process of applying for state regulatory licenses in the United States that would allow it to introduce payments on the platform.
One of the sources said the company expects the US licensing process to be completed within a year.
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In November, โTwitter Payments LLCโ registered with the US Treasury. The Department's Financial Crimes Enforcement Network (FinCEN), which would allow it to process payments.
At a Twitter Space event around the same time, Musk said he envisioned allowing bank accounts to connect to Twitter profiles and incorporating debit cards along with the platform to make money transfers easier.
Following the future approval of the US licenses, Twitter would look to obtain regulatory approvals internationally, according to one of the Financial Times sources.
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