Will Elon Musk implement crypto payments in X?
In a filing on Monday, the social media platform of the tech billionaire secured a currency transmission license in Rhode Island, which is crucial for providing such services within the state.
Dogecoin on X?
The approval, confirmed by the Nationwide Multistate Licensing System (NMLS), comes after X (formerly Twitter) began applying for money transmitter licenses in every necessary U.S. state last month.
In the U.S., money transmitters are a subcategory of money service businesses and help facilitate the transfer of funds between different locations and across international borders.
As a peer-to-peer payment technology, cryptocurrencies like Bitcoin and Ethereum are known for their open and borderless payment systems. They are also subjects of casual interest for Elon Musk, who occasionally comments on the industry and playfully tweets about his favorite cryptocurrency, Dogecoin, on his platform.
Specifically, a currency transmission license is required to provide crypto wallet services that allow users to store, send, and receive digital assets. While anyone can technically own a personal crypto wallet, many may prefer the ease of use that comes with custodial wallet solutions.
