According to PANews, users of the X platform, formerly known as Twitter, may not be able to send or receive cryptocurrency on the platform in the near future. Despite long-standing speculation by cryptocurrency enthusiasts that Elon Musk, a major supporter of the Meme coin Dogecoin, would integrate it into X's 'omnipotent application' plan, new regulatory documents show that the payment service X Payments planned by Musk does not include cryptocurrency. X Payments has obtained a money transmission license in 28 states and plans to apply in the remaining states, aiming to provide users with payment functions similar to Venmo or Zelle.
Although supporters of Dogecoin still hold hope for the future integration of cryptocurrency into the payment system, the documents and statements from Musk and Twitter CEO Linda Yaccarino do not specify the specific goals of X Payments. X has told regulators that it will increase user engagement through the payment platform and will only charge a minimal fee at launch.
It is worth noting that after Musk completed the acquisition, X's revenue in the first half of 2023 decreased by 40% year-on-year, and it may need to make up for the loss through new initiatives. However, increasing user engagement is also a challenge for X, as customers have high loyalty to banks and payment services.