Elon Musk says NO to crypto on Twitter!  Here's why !

Elon Musk, ardent supporter of Dogecoin, is working on launching a payment service via Twitter. But, to everyone's surprise, this service will not include crypto…for the moment. This news came to light after Twitter Payments LLC received its first money transfer license in the state of New Hampshire! suggesting that Musk's plans to integrate a payment system into the social media platform are well underway.

Twitter launches into payments, but forgets crypto!

The project, called “X Payments,” is expected to launch later this year. The latter will work similarly to services like Venmo but without the crypto functionality initially expected by many. Money transfer licensing documents submitted to regulators in 11 states reveal the system will be primarily based on fiat currency payments, although crypto functionality may be added later.

This move may seem counterintuitive, especially given Musk's proclaimed love of crypto. However, it perhaps reflects a more cautious and regulated approach to the digital payments sector, which remains under intense regulatory scrutiny. Indeed, the crypto market is often associated with high volatility and regulatory risks. Which could complicate the integration of such functionality into a consumer payment service.

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A strategic decision on the part of Elon Musk?

The absence of cryptocurrencies in the Twitter's initial payment plan has sparked mixed reactions in the crypto community. Some see this as a step backwards for the adoption of cryptocurrencies! While others consider it a strategic decision that may be revisited in the future, as the regulatory landscape and infrastructure for cryptocurrency payments stabilizes.

Although Elon Musk's announcement about Twitter's crypto-free payments service disappointed some Dogecoin fans, it represents a significant step forward for the social media platform. With the introduction of “X Payments,” Twitter could become a major player in the digital payments space. Even if for the moment, it remains anchored in the traditional monetary system.

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