Elon Musk X has taken another step towards integrating cryptocurrency payments. Rhode Island regulators approved the Company’s application for a license to conduct foreign exchange transactions. This approval is an important step in X’s attempt to enter the US financial sector.
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This license is required for companies that perform financial transactions related to sending and receiving funds – including fiat and cryptocurrency assets – on behalf of users. This permission allows X to store, transfer and exchange digital currencies. Rhode Island’s foreign exchange license was approved on Aug. 28, according to the Nationwide Licensing System (NMLS).
The move underscores Musk’s ambition to turn X into a universal app that allows payments in fiat and digital currencies. Although sources say that the new payment feature from
X owns a total of 7 financial licenses (Image source: NMLS)
X’s Rhode Island financial approval follows the Company’s July 5 receipt of foreign exchange licenses in Michigan, Missouri and New Hampshire. X has already received licenses in seven US states. However, it is not yet clear which financial services will be offered to users and when X will introduce the new functionality.
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