Author: DaFi Weaver, BlockTempo
At the beginning of January, the code for Elon Musk's X platform payment feature "X Money" was exposed, sparking heated discussions in the community. X payments may be launched first in states that obtain licenses. Entrepreneur Alex Finn even predicted that X payments would support cryptocurrencies in some form, further fueling speculation that Dogecoin, which Musk has long supported, could be the top choice.
Musk: No Cryptocurrency Use in X Payments in the Near Future
However, today a sudden piece of news hit the market, dampening the possibility of X payments supporting cryptocurrencies. Sources indicated that during a live stream test on X, Musk mentioned the topic of X payments, stating:
"There will be no use of cryptocurrencies in X payment services in the near future, as the necessary licenses are required. We will now focus on fiat currency."
However, BlockTempo verified the video, and Musk mainly discussed the game mechanics of Diablo 2, mentioning his desire to reach the TOP10 on the Hardcore leaderboard, with no information found regarding X payments.
It is understood that X has so far obtained money transmitter licenses in 39 states in the U.S. These registrations are related to a company called "X Payments LLC" (formerly "Twitter Payments LLC"), which will operate remittance services on X.
Although the requirements for money transmitter licenses and the privileges granted vary from state to state, these licenses typically allow companies to send, receive, and transfer funds for customers both nationally and internationally, 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 and cryptocurrencies. However, if the source is true, it indicates that Musk has not prioritized support for cryptocurrencies.
Dogecoin Drops 11%
Affected by this news along with a market downturn, Dogecoin suffered a significant drop. According to CoinGecko data, Dogecoin plummeted from $0.3968 yesterday to $0.3473, with a cumulative decline of up to 12.47%, and there were still no signs of recovery before the deadline.
CEO Announces Launch of X Money This Year
It is worth mentioning that X CEO Linda Yaccarino stated 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."
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