Elon Musk says NO to crypto on Twitter! Here’s why!

Elon Musk, a fervent supporter of Dogecoin, is working on launching a payment service via Twitter. To everyone's surprise, this service will not include crypto at launch.

The news comes after Twitter Payments LLC acquired its first money transfer license in New Hampshire. This indicates that Musk's plans to integrate a payment system into the social media platform are progressing.

The project, dubbed "X Payments," is expected to launch later this year and will function similarly to services like Venmo. However, the initial launch will not include the anticipated crypto feature.

Documents submitted to regulators in 11 states show that the system will be primarily based on fiat currency payments, with the possibility of adding crypto functionality later.

This decision may seem counterintuitive given Musk's known support for crypto. However, it may reflect a cautious approach to the sector due to its volatility and regulatory uncertainties.

The absence of crypto in Twitter's payment plan has sparked mixed reactions within the crypto community. Some see it as a setback for crypto adoption, while others argue it's a strategic move.

Despite the disappointment among Dogecoin fans, the introduction of "X Payments" represents a significant step for Twitter. It positions the platform as a potential major player in the digital payments space, albeit with a focus on traditional monetary systems for the time being.