Is virtual currency payment function introduced?
It turns out that Twitter, a major social media platform, is developing software for the introduction of payment functions. The Financial Times reported on the 31st, summarizing the stories of multiple sources.
Elon Musk, who acquired Twitter, first requested that the settlement function correspond to legal tender. After that, he wants to be able to add cryptocurrency functionality, two sources said. No further information about the virtual currency was given.
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Musk has long made payments a priority in Twitter’s transformation. “My goal is to maximize the usefulness of the service,” said the former founder of an online bank called X.com, which later became PayPal. , “Entertainment” and “Payment” were three areas of importance, he explained to Twitter employees.
Relation: Elon expresses his opinion on the introduction of virtual currency payment function to Twitter at employee question-and-answer session
Later, in November 2010, it was revealed that Twitter had applied for approval to operate a money transfer business. No official announcement has been made about the remittance service, but data from the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reveals.
What is FinCEN?
Abbreviation for “Financial Crimes Enforcement Network”. Its mission is to collect and analyze financial information, prevent fraudulent use of the financial system and money laundering, and promote national security.
Relation: Twitter applies to the US authorities for permission to operate a remittance business
In the future, Musk is considering adding the ability for users to directly reward creators, purchase products directly from Twitter’s platform, and allow users to send money to each other, according to sources.
Regarding the license, the company seems to have started applying for approval in each state of the United States. Twitter hopes to file the rest of the applications immediately, and complete the U.S. filing within a year, after which it hopes to obtain approvals outside the U.S.
It has also been pointed out that there are technical hurdles, the burden of legal compliance, competition with other companies, and gaining consumer trust in introducing a payment function to Twitter.
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Trends of Twitter
It has been reported that Twitter has been developing its own currency, “Coin,” since December last year. As of December, it was unclear if development was being actively carried out, but information was leaked even this year.
Security researcher Jane Manchun Wong leaked a sample screen of Coin on the 10th of this month. Wong said at the time, “We have not been able to confirm clear evidence that Coin is a virtual currency.”
Relation: Will Twitter continue to develop its own currency “Coin”?
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