- Musk stated his intention to completely deploy payment services by the mid 2024.
- Bureaucratic procedures were the main reason the feature could not go live sooner.
Midway through 2024, Elon Musk’s X platform is anticipated to include in-app payment capabilities, however the incorporation of cryptocurrency currently seems distant.
In an interview with Cathie Wood of ARK Invest on December 21st, Musk stated his intention to completely deploy payment services by the “middle of next year,” subject to the acceptance of several money transmitter license applications.
According to Musk, bureaucratic procedures were the main reason he was unable to activate the social networking platform’s payment feature sooner. Although X was “a bit late” in delivering all the required paperwork, Musk said he was unaware of any possible “showstoppers” that would have their money transmitter license applications denied.
No Updates on Crypto Inclusion
There was a lot of anticipation among crypto fans that Musk will include his favorite cryptocurrency, Dogecoin or Bitcoin, in the X payments network. It seems Musk has further dampened crypto-related euphoria by admitting he devotes “hardly any” time pondering digital assets; however, he has never verified this.
Even while Musk now seems unconcerned in cryptocurrency, electric car maker Tesla still has over $148 million in Bitcoin on hand, and Dogecoin is accepted at the Tesla Shop. Dogecoin was reportedly accepted as payment for trips on the Las Vegas metro system by Musk’s tunnel construction company, The Boring Company, in 2022.
But Musk said that digital assets and money are only a “database for resource allocation” in his mind, and that fiat currency is “actually fine” as long as authorities don’t attempt to manipulate its supply and debase it.
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