TECHNOLOGY

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TECHNOLOGY

X to replace banks next year

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Details

Elon Musk revealed his plan to turn X into a comprehensive financial solution by the end of 2024, as revealed during his latest all-hands meeting with X employees.

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Scenario

Musk envisions a platform that would render traditional bank accounts unnecessary. This means you won't require a bank account in the future, and all transactions could be conducted through X.

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Musk's plan

Musk intends X to be the hub of users' financial life, managing all aspects related to money and allowing direct transactions.

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Acquiring licenses

To provide financial services, X is currently in the process of obtaining money transmission licenses throughout the US. He has previously mentioned the idea of turning X into a financial center.

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Challenges

Musk is facing considerable obstacles in making his vision for X a financial hub a reality. Persuading people of the necessity for such a platform and earning their trust are significant challenges.