X, the social media site owned by Elon Musk and formerly known as Twitter, has been granted payment licenses by a number of American states. This week, the company received a currency transmitter license in Rhode Island. Musk has hinted at supporting crypto on X, even briefly replacing the old Twitter bird logo with dogecoin’s dog before its rebranding to X last month. The money transmitter licenses obtained are from Arizona, Maryland, Georgia, Michigan, Missouri, and New Hampshire. This indicates that Musk may have plans to support nationwide payment processing similar to Venmo or PayPal, a company he co-founded. Musk has stated that he plans for X to expand beyond social media posts and become an “everything app.” The Rhode Island Department of Business Regulation (DBR) stated in a frequently asked questions document that businesses needing clearance “include those transmitting money for its customers, including traditional wire transfers (like Western Union) and electronic transfers (like PayPal)” needed to obtain the currency transmission license. The state’s currency transmission license is also necessary for businesses looking to conduct cryptocurrency exchange and custody business. In New Hampshire, “money transmission’ means engaging in the business of selling or issuing payment instruments or stored value, or receiving currency or monetary value for transmission to another location. The state’s laws also say “an administrator or exchanger that accepts and transmits a convertible virtual currency or buys or sells convertible virtual currency for any reason is a money transmitter under federal regulations.” It is unclear if the obtained licenses allow for crypto payments, but the move indicates that Musk may have plans to support nationwide payment processing similar to Venmo or PayPal. He has stated that he plans for X to expand beyond social media posts and become an “everything app.”
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Department of Business Regulation, PayPal, Western Union, Rhonda Rhodes, Elon Musk |
| Companies | Venmo, Department of Business Regulation (DBR) of Rhode Island, PayPal, Western Union, New Hampshire. |
| Currencies | None |
| Securities | None |
