Twitter is already applying for regulatory licenses in the United States to introduce a payment system that could include bitcoin (BTC) and other cryptocurrencies, Financial Times reported.
For the time being, Twitter will prioritize fiat payments, the sources told the Financial Times.
Paying with cryptocurrencies on Twitter
However, Musk is instructing his development team to leave open the possibility of integrating cryptocurrencies into Twitter’s payment system in the future. Musk wants to make Twitter an “everything” app.
A report published by the Financial Times states that Twitter is working on developing its own payment system.
Elon Musk pushes forward with Twitter payment master plan https://t.co/fOpkrypSzz
— Financial Times (@FT) January 30, 2023
Two sources familiar with the matter told the British publication that the billionaire’s social company has applied for regulatory licenses in the United States to introduce payments and peer-to-peer (P2P) transactions on the platform.
The media outlet also noted that Twitter is working on the software associated with the payment processor to launch as soon as possible.
Esther Crawford, an executive at the social network, confirmed that a dedicated team is already developing the architecture needed to bring this project to fruition.
Two other sources familiar with Twitter’s plans indicate that this payment system seeks to increase the company’s revenue streams, following the changes it made to its operations system.
In November 2022, Twitter requested information to register with the Financial Crimes Enforcement Network (FinCEN), a body attached to the Treasury Department that regulates payment services and financial transactions in the United States.
Elon Musk, the new owner of Twitter, has stated on several occasions that he wants a social network where users can carry out all their transactions.
The payment system could include financial services, transactions between users, use of debit cards and cryptocurrencies.
Will Twitter integrate cryptocurrencies?
Elon Musk reported in 2022 that he did not rule out integrating fiat money payments and cryptocurrencies into Twitter.
“Cryptocurrencies play an important role in the future as a means to ensure that the monetary system is not completely corrupted. In addition, they will provide competition to the fiat system; then, if the fiat system becomes too restrictive, cryptocurrencies will continue to grow,” Musk noted at the time.
Recall that Musk previously talked about accepting payments with bitcoin and dogecoin (DOGE) cryptocurrencies.
In addition, last Friday, January 27, he said that the social network is willing to advertise on television for McDonald’s if the fast food franchise accepts dogecoin as a means of payment.
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