Regulatory Body Grants X (Twitter) Virtual Currency Transmitter License

• Rhode Island granted X a virtual currency transmitter license, enabling the sending and receiving of fiat and crypto.
• The license is a crucial endorsement for entities handling monetary transfers, showing X’s broad financial goals.
• The approval could be the first step to Musk’s vision of an Everything app.

Rhode Island’s financial regulatory authorities have granted X (formerly Twitter) a virtual currency transmitter license, enabling the company to engage in the sending and receiving of both traditional fiat and digital currencies. This license signifies X’s extensive financial aspirations.

The virtual currency transmitter license is an essential requirement for entities involved in the transfer of monetary value. In simpler terms, it acts as an endorsement from the financial sector, indicating that a business is capable of securely handling, moving, and exchanging both conventional and digital currencies.

The latest approval highlights the growing acceptance of regulatory bodies and positions X as a significant participant in both the conventional and crypto financial realms. Similar licenses were previously obtained by the company in Michigan, Missouri, and New Hampshire in July.

Interestingly, Elon Musk has clarified that he envisions X as an “everything app” with the capacity to manage a diverse range of financial transactions. Musk had earlier suggested that the app could serve as a comprehensive platform, covering aspects from social media interactions to financial transactions involving both fiat and cryptocurrencies.

While the specifics of X’s payment system are yet undisclosed, the continuous accumulation of licenses at the state level and Musk’s expansive vision indicate a growing scope for the platform. The news also had a positive impact on the price of Dogecoin, Musk’s favorite cryptocurrency. DOGE surged by as much as 6% following the news and is currently standing at $0.0656.