An insider from the X and Dogecoin teams known on the X platform (formerly famous as Twitter) as “DogeDesigner” (@cb_doge) has published a tweet about the much-anticipated launch of “X Payments” and the effect it may have on the payments industry, and conventional banks in particular.
"DogeDesigner's" tweet ignites DOGE community
This message triggered an enthusiastic reaction from the Dogecoin community since they expect DOGE to be adopted as one of payment options on this popular platform.
The tweet went on, saying that X Payments will surpass and leave banks behind in the same way as another of Elon Musk's companies – Tesla – has left behind legacy auto and had a massive impact on it.
While the X Corporation continues to secure licenses for payment processing in new U.S. states, the payment service on X is expected to launch by the end of this year. Still, it remains unclear whether the technical entrepreneur will indeed implement cryptocurrencies, or solely DOGE, on X.
Prior to purchasing the platform for $44 billion in October 2022, Musk stated many times that integrating Dogecoin payments on Twitter would be a good idea. By that time, BTC and ETH tipping had already been enabled by Jack Dorsey (the CEO back then) and Musk tried to persuade the public that DOGE is much better suited for payments than Bitcoin.
Yuri MolchanElon Musk, native crypto, Ripple and SEC
Several times last year, Elon Musk made it “clear,” and then “super clear,” that neither X nor any of his other companies intend to release a native cryptocurrency. Perhaps this was announced out of fear of having to deal with the SEC regulator. Musk has already had to clash with it in court and won a case about "taking Tesla private at 420."
However, the Securities and Exchange Commission has labeled only Bitcoin a commodity, and over the past few years, it has been pestering crypto companies and exchanges, claiming that they trade altcoins, which are nothing but unregistered securities. Ripple Labs has been fighting in court against the SEC’s charges since December 2020 about whether XRP is an unregistered security or not.
In July last year, Judge Analisa Torres ruled that XRP sales on the secondary markets do not qualify as security sales.
Arman Shirinyan
Alex Dovbnya
