When the new Twitter payments system launches, it will only be for fiat currencies; however, Elon Musk has instructed his coders to make sure the platform has the potential to accept cryptocurrency in the future. 

Financial Times | 30th of January

As stated in a report from the Financial Times on the 30th of January, two individuals with knowledge of Twitter’s plans shared that their payments feature will be compatible with standard forms of money initially. But still, it will be designed to accept cryptocurrencies if the chance ever arises.

Although the specifics of Twitter payments system have yet to be revealed, it is clear that Jack Dorsey, the CEO of Twitter, believes that cryptocurrency has a large part to play in the platform’s future. For a long time, Twitter has hinted at introducing payments on their social media website as part of Musk’s vision of making Twitter an “all-in-one” application. Even though he believes cryptocurrency will have a major influence on Twitter, the company has been unclear about whether these payments will involve blockchain technology or digital tokens.

Will Twitter launch Coins?

In the initial days of December, photos were released that showed “Twitter Coins” – a hidden project of a digital asset being constructed for payments and tips on the platform. Numerous people looked forward to the possibility that it could include cryptocurrency in some way. Nevertheless, the recently disclosed photographs of the project at the beginning of the year did not make reference to crypto or blockchain technology, which was a great disappointment to the people involved.

Is Twitter Building a Crypto Wallet?

Reports arose last October that Twitter may have been developing a wallet allowing cryptocurrency deposits and withdrawals. Nevertheless, it appears this payment feature will only encompass fiat currency at present.

With the intention of providing payment options, Twitter has launched the procedure of obtaining state-based licenses all over the United States. As per one of the sources, the firm is looking to accomplish the licensing procedure within a year.

At the start of November, “Twitter Payments LLC” was registered with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department. This registration would permit the firm to administer payments. At the same time, during an event of Twitter Space, Musk expressed his ambition to link bank accounts to Twitter profiles and to generate debit cards for the platform. He also expressed his intention to permit money transfers on the platform.

Upon the authorization of the U.S. licenses, one of the Financial Times’ sources reported that Twitter would pursue international regulatory approvals.

Source: Cointelegraph