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Elon Musk's X Gets A New State License, Moving Toward Crypto Payments

2023-08-30 15:23:15

Rhode Island regulators have granted X's request for a license as a money transmitter.


The licensing of X (Twitter) as a currency transmitter by the authorities in Rhode Island is a positive development for the company's debut in the financial services industry.  Companies doing financial activity for the benefit of users associated with sending and receiving money, involving both fiat and crypto assets, are legally required to have the license. X will be able to custody, transfer, and trade digital currency thanks to the authorisation.  

The Nationwide Multi-State Licensure System (NMLS) records show that X's application for a Rhode Island money receiver license was approved on August 28. In Elon Musk's quest to make X an everything app that accepts cryptocurrency and fiat payments, the action represents a significant advancement.

Although it has been claimed that the planned X transactions system will start to only support fiat money, Musk is said to have told X developers to create the platform's payments system in a way that will allow for the addition of cryptocurrency capabilities in the future. The authorization follows X obtaining licenses as a money transmitter in Michigan, Missouri, and New Hampshire, all of which were authorized on July 5. With its most recent license, X now has transmitter licenses in seven different American states.

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In the event if and when X introduces payment functions, it is still unknown precisely what financial services will be made available. Based on individuals with direct knowledge of the company's intentions, X would first provide fiat currency payment services akin to PayPal, which Musk co-founded, with space for future cryptocurrency inclusion. Vivek Ramaswamy represents the youngest-ever Republican presidential candidate, according to Musk, who commented in response to a clip of Ramaswamy's appearance on Tucker Carlson's Tucker on Twitter show. Musk continued, He is a very intriguing candidate.

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