Elon Musk's latest project, X Money, has been unveiled in a promo video that showcases its capabilities as a full-fledged bank alternative. The platform offers savings accounts, instant payments, and Visa debit cards with no foreign transaction fees, all through its banking partners who provide FDIC insurance of up to $10 million.
One notable absence from the X Money ecosystem is Dogecoin, which has been widely regarded as Musk's favorite cryptocurrency. According to the source, integrating a volatile meme coin like DOGE would have blocked compliance and triggered strong resistance from regulators due to the need for strict security rules tied to traditional Visa payment infrastructure.
The community is already debating whether support for Bitcoin (BTC) will appear later in the project, but for now, it seems that Musk has prioritized building a stable fiat base for everyday transactions before adding cryptocurrencies. Dogecoin's price has continued its decline under pressure from disappointed sellers, trading near $0.07466 and losing another fraction of a percent on the day of the announcement.
While some may see this move as a setback for cryptocurrency adoption, others argue that X Money is taking a cautious approach to ensure regulatory compliance and stability before expanding into the crypto space.