Elon Musk’s X Payments Unlikely To Support Cryptos at Launch

• X Payments debuts without crypto, only securing a Money Transmitter License in Louisiana.
• Major firms like PayPal and Coinbase comply with Virtual Currency License requirements, unlike X Payments.
• New York’s strict crypto license rules impact X Payments’ strategy, reflecting Musk’s regulatory concerns.

In the development of the digital payment industry, X Payments, a new venture by the social media platform X (formerly Twitter), is set to make its debut without cryptocurrency integration. Acquired and rebranded by billionaire entrepreneur Elon Musk, X Payments recently received a key Check Sales and Money Transmitters license in Louisiana. 

However, the company’s absence of a Virtual Currency Business License, crucial for crypto asset transactions, signals a delay. This indicates that digital currencies like Dogecoin and others may not be embraced at its inception.

Notably, Louisiana and states like New York require firms engaging in crypto-related activities to obtain a specific Virtual Currency Business License. This requirement has been met by major players such as Robinhood, PayPal, Coinbase, and eToro.

Essential for operations involving virtual ass…

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