Musk Annoys Crypto Integration at His Twitter All-Hands
After securing a $44 billion deal to buy Twitter in April, Billionaire Elon Musk spoke to social media platform staff at a virtual meeting on June 16th. This was his first comprehensive Twitter meeting. Musk discussed his plans for the company, including the integration of digital payments and the elimination of cryptocurrency fraud. According to the CEO of Tesla, it would be logical to include digital payments in the network to facilitate direct transfers on Twitter. According to reports, its purpose will be to maximize the use of the service; The more valuable it is, the better. If anyone can use it to make convenient payments, it is an increase in utility.
Musk highlighted three areas as critical to Twitter’s purpose: news, payments, and entertainment. One of the current problems of Twitter that he wants to solve is spam accounts on the platform. There are quite a few cryptocurrencies on Twitter. This has improved. However, it is still a fair part.
Earlier this month, Elon threatened to terminate his deal with Twitter if the company did not provide evidence that fake accounts accounted for less than 5% of his users. According to Twitter’s estimates, fake or bot accounts account for less than 5% of its active users.
A statement from Musk said the offer was based on the accuracy of Twitter’s SEC files. Twitter agreed to comply with Musk’s requests for internal data. In a separate meeting, Elon noted that he prefers personal work at Tesla, where it is impossible to assemble cars remotely. Although he did not rule out the possibility of working remotely for Twitter employees, He offered them to come to the office periodically.
Musk and Dogecoin Scheme
The tech mogul has previously offered to create digital payments on Twitter. After acquiring a 9.2% stake in the company, Elon launched dogecoin in April as a means of payment for its users by subscribing to Twitter Blue. It is worth noting that Musk is often criticized for his comments, which may affect the price of dogecoin. On Thursday, one investor filed a $258 billion class lawsuit against Musk, SpaceX, and Tesla; On charges of illegally inflating the price of a meme coin. Twitter already has a bitcoin transfer feature available to users in El Salvador and the US.
Panama President’s Position on Crypto Bill
The President of Panama has demanded changes to the country’s crypto-focused bill. The president partially vetoed the bill; the bill was passed on money laundering. Reportedly, the bill must comply with the guidelines of the Global Financial Supervisor. The bill will go to the National Assembly for another vote, and it is expected that some changes will be made in certain sections.
It is worth noting that, if approved, Panama would become the second Central American country to regulate the spending of crypto assets. The Latin American region is rapidly becoming a center of crypto activity, Accelerating El Salvador’s move to legalize Bitcoin payments in September 2021. Mexico is ready to draft legislation to make it its official currency. At the same time, Bitcoin also lost 60% of its value. That means El Salvador is worth millions of dollars underwater; he bought the bitcoin in the treasury. Notably, the Panama bill focuses on allowing crypto payments with assets such as Bitcoin and Ethereum. However, it does not contain anything like cryptocurrency as a legal tender, along with the dollar and balboa.
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