Twitter Sends Documents to FinCEN! – Cryptokoin.com

Twitter with Elon Musk has prepared the paperwork to move forward on payments. This topic is closely related to the popular meme coin Dogecoin (DOGE). Because the new owner of Twitter, Elon Musk, is a DOGE fan. There are also expectations that it will integrate DOGE into Twitter payments. Now, Twitter is stepping into the payments industry by filing paperwork this week with FinCEN, which is affiliated with the U.S. Department of the Treasury.

Twitter applies to FinCEN on payments

cryptocoin.comAs you follow, the new owner of Twitter, Elon Musk, is trying to increase the revenues of the social media company. He is ready to take a step in this direction. Twitter submitted its registration documents to the Finance Ministry’s Financial Crimes Enforcement Network (FinCEN) this week. As you know, Dogecoin fan Musk bought Twitter last month for 44 billion. After that, he started by firing the top management. Then he rolled up his sleeves to earn money from the ‘blue tick’. It has also made an attempt to add payment options to Twitter. Of course, the source of this motivation is money.

Businesses that do money transfers, currency swaps or payment checks must register with FinCEN. It is also required to notify the organization of reports of suspicious transactions. According to a FinCEN spokesperson, the organization declined to comment on specific companies. Elon Musk dreams of turning Twitter into a payment processor. This will be a kind of throwback to their early days in the internet industry. If you ask how we know this, we say that he contributed to the launch of X.com, an online bank that later became PayPal, an electronic payment provider, in 1999.

What awaits Twitter with Dogecoin fan Elon Musk?

Meanwhile, Elon Musk, who has paid 44 billion to the social platform, describes himself as an “absolutist of freedom of expression”. In this context, it aims to establish a council to help take such decisions. It has also even proposed changing some of Twitter’s content guidelines.

It also managed to create shock waves in the industry by asking users who want to verify their accounts on the platform for $ 8 a month. At this point, crypto fans assumed that cryptocurrencies would be among the payment methods. Because Elon Musk was a Dogecoin fan and had a close relationship with the crypto market. Indeed, the Dogecoin price pumped after Musk took over Twitter.

According to Musk, paywall bypass, priority in replies, mentions, and searches, as well as the option to stream long audio and video, will be worth the $8 monthly fee.

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