Author: DaFi Weaver, Dong District BlockTempo.
At the beginning of January, the code for Musk's X platform payment feature 'X Money' was leaked, sparking community discussions that X payments may launch first in states where licenses have been obtained. Entrepreneur Alex Finn even predicted that X payments would support cryptocurrencies in some form, further fueling speculation that Dogecoin, which Musk has long supported, might be the preferred choice.
Musk: There will be no use of cryptocurrencies in X payments anytime soon.
However, today a sudden piece of news hit the market, impacting the possibility of X payments supporting cryptocurrencies. Sources indicate that during a live stream testing on X, Musk discussed X payment-related topics and stated:
There will be no use of cryptocurrencies in X payment services for now, as the corresponding licenses are needed; the focus will now be on fiat currencies.
However, Dong District verified that the video mainly features Musk explaining the game mechanics of 'Path of Exile 2' and stating that he wants to break into the Hardcore leaderboard TOP 10; no information about X payments was found.
According to reports, X has so far obtained money transfer service provider licenses in 39 states in the U.S., and these registrations are related to a company named 'X Payments LLC' (formerly 'Twitter Payments LLC'), which will operate remittance services on X.
Although the requirements for money transfer service provider licenses and the privileges granted by these licenses vary among the states in the U.S., these licenses generally allow companies to send, receive, and transfer funds for clients on a national and international level, and also permit foreign exchange transactions, such as exchanging foreign currency for U.S. dollars, as well as issuing prepaid cards. This definition includes both fiat currencies and cryptocurrencies. However, if the source is to be believed, it suggests that Musk has not prioritized support for cryptocurrencies.
Dogecoin drops 11%.
Affected by this news and the overall market decline, Dogecoin suffered a drastic drop. CoinGecko data shows that Dogecoin plummeted from $0.3968 yesterday to $0.3473, with a cumulative drop of as much as 12.47%, and there were still no signs of recovery before the deadline.
The CEO announced that X Money will be launched this year.
It is worth noting that X CEO Linda Yaccarino mentioned in a tweet on January 1 that X will launch X Money in 2025.
In 2024, X changed the world. Now, you are the media!
In 2025, X will connect with you in unprecedented ways, with X TV, X Money, Grok, and more coming soon.
