Musk outlines X’s licence for cryptocurrency payments.

The Elon Musk-owned social network X will launch a payments service in mid-2024, with the company currently awaiting licences to provide financial services in fiat and cryptocurrency markets. The billionaire said so on a podcast with ARK Invest chief Cathie Wood.

Looking forward to talking with @elonmusk today at 5 pm ET on X Spaces! Can’t wait to hear his thoughts on the AI space, bitcoin, and so much more. Join us. https://t.co/LAdIzl7QAa

— Cathie Wood (@CathieDWood) December 21, 2023

According to Musk, the integration of payments has been delayed by bureaucratic processes. He acknowledged that X was “a little late” with submitting all the necessary documents for the licence. However, he said he was unaware of any potential “problems” that might cause the application to be rejected.

The crypto community has repeatedly urged the integration of Dogecoin and Bitcoin into X’s payment system. Yet Musk had previously noted that the initial payment option would target fiat currencies only, though it would allow for the eventual integration of digital assets.

As reported, X’s licence application became known in January 2023. Separately, the social network began developing the related software.

Musk plans to turn X into a ‘super app’ with paid verification and a financial ecosystem.

Rumours about integrating Dogecoin as a payments option arose after a November 2022 update presentation. The billionaire advocated the corresponding proposal as early as April.