What is Elon Musk Doing? X Now Has Seven State Money Transmitter Licenses in the US

X has been granted a currency transmitter license by Rhode Island's regulators, widely celebrated as a step toward the social network Musk appears to be trying to turn the super app into capabilities of custodial, transferring, and exchanging bitcoin and other cryptocurrencies.

Is Elon Musk quietly moving X (Twitter) closer to crypto payments?

As a result of Elon Musk's X (formerly Twitter) obtaining a license to facilitate U.S. crypto payments, the crypto landscape continues to evolve. BTCBTC 0.0% Markets' chief executive Caroline Bowler said in emailed comments that endorsements from prominent figures like Musk lend credibility to the sector and have implications for international markets.

Ed Krassenstein, a political activist and influencer, asked via X, "Does this mean X will soon be able to offer cryptocurrency?" Other X users gushed over the news and predicted a crypto price boom.

X now has seven state money transmitter licenses in the country after receiving licenses from Michigan, Missouri, and New Hampshire on July 5.

A dogecoin fan account quoted an X developer who denied the platform is "looking to launch X coins for creators." Musk responded on X.

"Coins will likely not be part of our plans," the developer said. "We're more interested in making real money work rather than a substitute currency."

The quote was deemed accurate by Musk, who received a flood of replies asking whether dogecoin counts as real money. The price of dogecoin surged following the interaction, adding to gains of 5% over the past seven days. Since last week, the bitcoin price has increased by just 3%.

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