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Elon Musk gives X employees one year to replace your bank - ‘You won’t need a bank account... it would blow my mind if we don’t have that rolled out by the end of next year.’ (www.theverge.com)

submitted 1 year ago by AnActOfCreation@programming.dev to c/technology@lemmy.world

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“If it involves money. It’ll be on our platform. Money or securities or whatever. So, it’s not just like send $20 to my friend. I’m talking about, like, you won’t need a bank account.”

Well that sounds terrifying!

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[–] Humanius@lemmy.world 1 points 1 year ago* (last edited 1 year ago) (1 children)

Just wait till Musk learns about banking regulations.
He's already complaining about the EU regulations on social media, but they nothing compared to what banks have to deal with.

[–] jollyrogue@lemmy.ml 0 points 1 year ago (1 children)

He’s recreating Venmo. 😂

[–] PumpkinEscobar@lemmy.world 2 points 1 year ago (1 children)

FWIW his white whale or inspiration is more like the Chinese “we do everything” apps / platforms https://wise.com/us/blog/chinese-payment-app

[–] otter@lemmy.ca 1 points 1 year ago

Without getting official government institutions on board or making the app mandatory in some way, I don't see how this would work outside of authoritarian countries

They're bleeding users and advertisers as it is