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Elon Musk’s X takes a step towards crypto payments with new state license

In a significant development for (X) expansion into the financial services sector,

regulators in Rhode Island have granted the company a currency transmitter license.

This license is a legal requirement for companies engaged in financial activities involving the sending and receiving of money,

encompassing both traditional fiat currencies and cryptocurrencies.

With this approval, X is now authorized to provide custody, transfer, and exchange services for digital currencies.

According to the Nationwide Multi-State Licensing System (NMLS),

X’s Rhode Island Currency Transmitter License was officially approved on August 28.

This regulatory milestone paves the way for X to further explore and potentially integrate cryptocurrency payments within its platform,

bringing it closer to entering the realm of crypto transactions.

Although initial reports suggest that X’s upcoming payment feature will primarily support fiat currencies, Elon Musk has reportedly directed X’s developers to design the payment system in a manner that allows for potential integration of cryptocurrency functionality in the future.

This recent approval follows X’s acquisition of money transmitter licenses in Michigan, Missouri, and New Hampshire, which were all granted on July 5.

With this latest license, X has now secured transmitter licenses in a total of seven U.S. states.

The exact details of the financial services that will be offered through X’s payment features remain undisclosed at this time.

However, insiders familiar with the company’s plans have indicated that X will initially provide services akin to PayPal, which Elon Musk co-founded, focusing on fiat currency transactions, while leaving room for potential integration of cryptocurrencies down the line.

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