Elon Musk abandoned the idea of ​​adding cryptocurrency payments to X

Elon Musk plans to turn social network X into a full-fledged payment application comparable to platforms such as Venmo, Cash App or Zelle. Journalists received access to documents submitted to X regulators for registration and obtaining payment licenses. In them, Musk outlined his vision for the future of X as an application where users can store their assets in personal accounts, send them to other clients or companies, and pay for goods and services in regular supermarkets.

X Payments has already received payment licenses in 28 US states. Musk is seeking to expand this effort to all 50 states, preparing for a multi-year process to obtain the necessary permits. This will allow the company to officially launch its payment services throughout the country.

According to Bloomberg journalists, X Payments will charge small fees for some types of transactions. This differs from the practices of apps like PayPal's Venmo and Block Inc.'s Cash App. and Zelle from JPMorgan Chase & Co., which do not charge fees for peer-to-peer payments. This model could impact X's competitiveness in the payment app market.

One of the filings indicated that X has no plans to add support for cryptocurrency payments this year. Bloomberg experts believe that Elon Musk abandoned this idea due to resistance from some regulators. Instead, the company will focus on preparing documents and completing the registration procedure as quickly as possible to avoid possible delays and obstacles.

Elon Musk does not rule out the possibility of integrating cryptocurrencies in the future, but at this stage the priority is to create a sustainable and legal payment system. This step will allow X to take a strong position in the market and provide users with a wide range of payment services that meet all necessary regulatory requirements.