Elon Musk’s X could possibly introduce crypto payments

Elon Musk’s social networking app, X, has acquired a currency transmitter license and could soon introduce crypto payments. 

According to Elon Musk's X, the social networking service previously known as Twitter, whose microblogging platform recently received a currency transmitter license from a US state may soon be able to handle payments in both crypto and fiat currencies. A business has the ability to assist the custody, transfer, and exchange of digital currencies through this license. Musk, who bought X last year, has stated that his goal is to make it an "everything app." The billionaire sees the X as a platform that would enable users to share information in the future as well as make payments.

According to the US laws, money transfer organizations must have a currency transmitter license. X has reportedly obtained a currency transmitter license in Rhode Island.

According to rumors, the X payments feature may initially only permit transactions in fiat money. However, as the feature develops, it might also support the transfer and exchange of cryptocurrencies.

On Wednesday, the cryptocurrency market responded favorably. According to CoinMarketCap, the value of the cryptocurrency market increased by 4% over night, reaching $1.09 trillion.

It is noteworthy that X has received this money transmitter license from several US states besides just Rhode Island. According to the CoinTelegraph story, earlier this year, several other US states, including Michigan, Missouri, and New Hampshire, have accepted the license for X, making Rhode Island the seventh state to do so.