The payment system based on Twitter Coins will initially support only fiat. However, developers are designing the tool with an option to introduce digital assets in the future.
Elon Musk plans to add the ability to use cryptocurrencies on Twitter should the opportunity arise. This is reported by the Financial Times, citing sources within the social network.
Currently, Twitter developers are working on a payment system based on Twitter Coins, the platform’s digital asset. The community on Twitter was actively discussing the imminent introduction of crypto payments on the platform after the images of the future payment system were leaked.
Despite all the speculation and rumors, Twitter’s in-development payment tool will allow only fiat currencies to be used to pay for the social network’s services. The company’s lawyers have already applied for government regulatory licenses across the U.S. that would enable the company to introduce payments on the platform. These licenses are expected by the end of 2023.
However, Elon Musk repeatedly mentioned his plans to bring crypto payments to the platform, even before the official acquisition of Twitter. Thus, back in October 2022, it became known that the company was working on a “wallet prototype” that supports cryptocurrencies. Therefore, though crypto payments won’t be initially available in Twitter’s payment system, they’re likely to be added later. After all, this is part of Musk’s planned “everything app.”
The first update to the social network’s functionality after its ownership change was NFT Tweet Tile, an option that allows users to buy or sell NFTs directly via a tweet.
