By the middle of 2024, Elon Musk’s diverse platform X (previously Twitter) is set to launch in-app payment capabilities. In a Dec. 21 X space, Musk discussed his timeframe expectations with Cathie Wood of ARK Invest. The CEO of Tesla admitted that the implementation had been delayed by bureaucratic procedures, despite their expectation of a mid-year debut.

The approval of several money transmitter license applications is a prerequisite for the launch of payment services. Musk said that he would have preferred an earlier launch, but he blamed administrative obstacles for the hold-up. Achieving the mid-2024 goal requires effectively navigating regulatory procedures.

Musk said he is not aware of any potential “showstoppers” that could result in the denial of their applications for money transmitter licenses, despite the drawn-out bureaucratic processes. He admitted that X had not submitted all required paperwork for regulatory clearance promptly.

Integration of Cryptography Unlikely

Musk has stated that he spends “hardly any” time thinking about cryptocurrencies, even though he is still a major player in the industry because of his influence over Dogecoin and Bitcoin through Tesla. Expectations of an instantaneous cryptocurrency integration into X’s payment services are dampened by this admission.

Musk’s views on cryptocurrencies have changed, but Tesla still has about $148 million worth of Bitcoin listed on its balance sheet. Furthermore, Tesla allows Dogecoin payments for goods in the Tesla Shop, demonstrating the company’s ongoing embrace of cryptocurrencies.

Integration of Dogecoin by The Boring Company

According to allegations that came to light in 2022, Elon Musk’s tunnel construction company, The Boring Company, has started to accept Dogecoin as payment for rides on their transportation system in Las Vegas. This emphasizes Musk’s role in encouraging the use of cryptocurrencies in a variety of endeavors even further.

With ongoing advancements in both Tesla and related firms, Musk’s strategic maneuvers within the crypto industry continue to change the environment as X gets ready to introduce in-app payment services.