Twitter’s forthcoming payments facility will initially only handle fiat currencies, but Elon Musk wants it to be capable of supporting cryptocurrencies in the future.
Twitter CEO Elon Musk apparently gave instructions to his employees to design the platform’s payments mechanism so that crypto capabilities may be introduced in the future.
The Financial Times reported on January 30 that two individuals with knowledge of Twitter’s intentions claimed that the payments function will initially accept fiat currencies but be designed to allow cryptocurrencies should the chance arise.
Images of “Twitter Coins,” a secret digital asset under development to be used for payments and tips on the network, were released in early December, with many anticipating that it might entail cryptocurrency.
However, much to the surprise of the community, the most recent leaks of the project, which occurred in early January, included no mention of crypto or blockchain technology.
In October, it was also rumoured that Twitter was developing a wallet prototype that would handle cryptocurrency deposits and withdrawals.
However, it looks that the payments system will proceed with solely fiat support for the time being. According to one of the individuals, the business expects to finish obtaining the necessary licenses to operate in the United States over the next 12 months.
Musk said during a Twitter Space event around the same time that he envisioned linking bank accounts to Twitter profiles, including debit cards, and enabling the site to handle money transactions.
According to a source for the Financial Times, Twitter will seek regulatory permits globally after the potential granting of U.S. licenses.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.