Original title: (Rumor has it that Musk X will not consider cryptocurrency for the time being, Dogecoin plummets, what is the truth?)
Original author: DaFi Weaver, BlockTempo
In early January, the code of Musk's X platform payment function "X Money" was exposed, which aroused heated discussion in the community. X payment may be launched first in the states where licenses are obtained. Entrepreneur Alex Finn even predicted that X payment will support cryptocurrencies in some form, further triggering speculation that Dogecoin, which Musk has long supported, may be the first choice.
Musk: Cryptocurrency will not be used in X payments in the near future
However, a sudden piece of news hit the market today, which has hit the possibility of Xpay supporting cryptocurrencies. According to the source, Musk said when talking about Xpay during the Xstream test:
“We will not be using cryptocurrencies in X payment service in the near future as we need the corresponding licenses, we will now focus on fiat currencies.”
However, Dongqu checked the video and found that Musk was mainly explaining the game mechanics of Path of Exile 2 and said that he wanted to make it to the top 10 of the Hardcore list. No information about X payment was found yet.
It is understood that so far, The remittance business will be operated in X.
Although the requirements for money transmitter licenses and the privileges granted by the licenses vary from state to state, these licenses generally allow companies to send, receive and transfer money for customers within the country and internationally, and also allow foreign exchange conversion, such as exchanging foreign currency for U.S. dollars, and issuing prepaid cards, which includes both fiat currency and cryptocurrencies in this definition. However, if the source is true, it suggests that Musk has not made support for cryptocurrencies a priority.
Dogecoin falls 11%
Perhaps due to this news and the decline of the broader market, Dogecoin suffered a sharp drop. CoinGecko data shows that Dogecoin has dropped from $0.3968 yesterday to $0.3473, with a cumulative drop of 12.47%. There is still no sign of recovery before the deadline.
CEO announces the launch of X Money this year
It is worth mentioning that X CEO Linda Yaccarino said in a tweet on January 1 that X will launch X Money in 2025.
“In 2024, X changes the world. Now, you are the media!
In 2025, X will connect with you like never before, with X TV, X Money, Grok, and more coming soon.”
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