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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 [email protected] to c/[email protected]

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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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[–] [email protected] 424 points 1 year ago* (last edited 1 year ago) (57 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.

[–] [email protected] 22 points 1 year ago* (last edited 1 year ago) (11 children)

Somehow services like PayPal manage to avoid being regulated like a bank. I'm sure they'll ~~clobber~~ cobble together some potentially unlawful solution and not face any repercussions for it.

[–] [email protected] 25 points 1 year ago

iirc the money storage aspect of PayPal has to be regulated as a bank.

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