Elon Musk, chief, Twitter, has ordered his developers to create the platform’s payment gateway for crypto features to be added in the future, as reported by Cointelegraph.
According to Cointelegraph, two people acquainted with Twitter’s plans stated that the payments service will back fiat currencies, but will also be able to accommodate cryptocurrencies. It is believed that clarity is yet to be reached on whether the payments will support blockchain or crypto technology. Reportedly, in December, 2022, leaked images were found for “Twitter Coins” – a secret in-development digital asset to be used for payments and tipping on the platform. However, the recent leaked images of the project in January, 2023, didn’t put any emphasis on crypto or blockchain technology.
On the basis of information by Cointelegraph, in October, 2022, unconfirmed rumors developed that Twitter was working on a wallet prototype to back crypto deposits and withdrawals. Sources suggest that the payments system is expected to go ahead based on fiat support. Reportedly, Twitter has went ahead with state-oriented regulatory licenses across the United States that would permit for payments across the platform. The timeline for completion of the US licensing process is hoped to be one year.
Moreover, Cointelegraph noted that in November, 2022, “Twitter Payments LLC” concluded its registration with US Treasury Department’s Financial Crimes Enforcement Network (FinCEN), which would ensure its ability to process payments. After future confirmation of US licenses, Twitter intends to get approval for regulatory licenses overseas.
(With insights from Cointelegraph)