On October 4, 2022, Elon Musk expressed his intentions by stating, “Purchasing Twitter is a step towards developing X, the all-in-one app.” After nine months, this vision became more evident when he rebranded Twitter as X. Introducing financial transactions is the initial stage in Musk’s plan to evolve X into this multifunctional app. As per the Nationwide Mortgage Licensing System (NMLS) — an organization overseeing US mortgage lending, X has been granted a money transmitting license in seven American states. Entities holding this license serve as a bridge for individuals or businesses aiming to transfer funds internationally. X’s Potential Use of the LicenseWhile X hasn’t explicitly mentioned its plans for the license, it now can facilitate money transfers in the seven states where it has been licensed.

Source: The North Africa Journal September 04, 2023 10:12 UTC