Elon Musk’s X (formerly Twitter) is finally testing its new payment system, X Money. But despite years of hype, Dogecoin is nowhere to be found.
A Limited Beta Launch
Musk recently confirmed a very limited beta test for X Money. He emphasized the need for extreme caution, given that people’s savings are involved. This beta will likely involve only a few thousand users, allowing for careful monitoring of transactions.
Regulatory Hurdles
The cautious approach is partly due to regulations. X Payments has secured money transmitter licenses in many US states, but notably not New York. New York’s strict regulations are a major hurdle. Some lawmakers even urged regulators to deny X Money’s application, citing concerns about Musk’s past behavior. California’s approval, however, paved the way for a partnership with Visa. This partnership allows users to instantly fund their in-app “X Wallet” via Visa Direct and transfer money to bank accounts in real time.
The Dogecoin Question
The big question for the crypto community is whether Dogecoin will be integrated into X Money. So far, there’s been no official word from Musk or X. This silence contrasts with years of speculation that Musk would use Dogecoin to boost its adoption.
Future Prospects
If the beta goes well, X plans to expand state by state. New York’s decision is crucial; approval there would open the door to a much larger user base. Even without Dogecoin, X Money offers new revenue streams through transaction and wallet fees.
For now, Dogecoin’s future on X Money is uncertain, depending on regulations and Musk’s decisions. The Dogecoin community is eagerly watching for any updates.
(At the time of writing, Dogecoin was trading at $0.228.)
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