Elon Musk has recently quashed any possibility that his social media platform X, formerly Twitter, would launch a cryptocurrency token. In response to a developer’s post on the site, Musk shared his insight that the platform’s primary goal is to integrate real-world financial functionality rather than having a cryptocurrency substitute. This marks the second instance this month where Musk has dampened hopes about the platform’s launching a digital asset.X has taken significant steps towards incorporating cryptocurrencies into its operations. Notably, the company has secured a currency transmitter license in Rhode Island, permitting it to manage and facilitate digital currency transactions. In addition to this, X has registered with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to obtain Money Service Business licenses in three states: Michigan, New Hampshire, and Missouri.Despite these licenses, X has yet to launch any payment service. However, these actions underscore its commitment to embracing financial services offerings for its users.

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Information	Details
Geography	North America
Countries
Sentiment	neutral
Relevance Score	8
People	Elon Musk
Companies	Treasury Department’s Financial Crimes Enforcement Network (FinCEN), Money Service Business, NORAD and USNORTHCOM Public Affairs, Tesla, X
Currencies	Ethereum, Dogecoin, Bitcoin, FLOKI, X
Securities	None