Elon Musk

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 Regulators from Rhode Island have approved X’s application for a currency transmitter license. 
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 Rhode Island’s regulators have granted X (Twitter) a currency transmitter license marking a step forward for the company’s foray into the financial services sector.&nbsp;
 The <a rel="dofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a> is legally required for companies conducting financial activities on behalf of users related to sending and receiving money — a definition that includes both fiat and <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets. The approval will allow for X to custody, transfer and exchange digital currencies.&nbsp;&nbsp;
 X’s Rhode Island Currency Transmitter License was approved on Aug. 28 according to the Nationwide Multi-State Licensing System (NMLS).
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 X has a total of seven money and currency transmitter licenses. Source: NMLS
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 The move marks an important step forward in Elon Musk’s push for X to become an “everything app” — which would include <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> and fiat <a rel="dofollow" title="payments" href="https://thebittimes.com/tag/payments.html">payments</a>.
 While sources have suggested that X's upcoming payments feature will initially only offer support for fiat currencies, Musk has reportedly instructed developers at X to build the platform’s payments system in such a way that crypto functionality can be added in the future.&nbsp;
 The approval comes nearly two months after X secured money transmitter <a rel="dofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a>s in Michigan, Missouri and New Hampshire which were all approved on July 5. X’s latest <a rel="dofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a> marks a total of seven American states it’s secured transmitter <a rel="dofollow" title="license" href="https://thebittimes.com/tag/license.html">license</a>s in.
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 It remains unclear exactly what financial offerings will be made available if and when X rolls out payment features.
 People familiar with the company’s plans have indicated X will initially offer fiat currency transaction services similar to PayPal — which Musk co-founded — with room for future <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> integration.
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/elon-musk-s-x-moves-closer-to-crypto-payments-with-new-state-license-tbt60861.html">https://thebittimes.com/elon-musk-s-x-moves-closer-to-crypto-payments-with-new-state-license-tbt60861.html</a>

Elon Musk’s X moves closer to crypto payments with new state license

TheBitTimes

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