Twitter’s payment system may include cryptos in the future, but for now, only fiat currencies will be included in the system.
According to recent reports, Elon Musk has directed developers in the firm to build a payment system that will incorporate crypto processes in the future. Initially, the system would include fiat currencies but would also induce crypto in the future, given an opportunity. People aware of Twitter’s plans revealed the same recently.
The development is not surprising, considering Twitter had planned to develop its own payment system for some time, coupled with Elon Musk’s public views regarding crypto. Musk has also revealed plans to make Twitter an ‘everything app’, though crypto’s future role in the app has not been made public.
Twitter’s own token, called Twitter coins, also had its images leaked sometime back, but sufficient clarity of any crypto or blockchain technology’s presence in the tokens has yet to be found. Twitter has also gone ahead with applying for regulatory approvals in the United States for its payment system, with “Twitter Payments LLC” being registered in the country with the Financial Crimes Enforcement Network (FinCEN) of the US Treasury department.
Twitter would also proceed with gaining international licenses for its payment system gradually. Elon Musk has some grand plans for the payment system, including linking bank accounts and debit cards with wallets for seamless money transfers.