this post was submitted on 27 Oct 2023
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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 2 years 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 377 points 2 years ago* (last edited 2 years ago) (51 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.

[–] Whiskeyomega@kbin.social 4 points 2 years ago

Paypal was built on the idea of a system that was without regulations that were tough. Paypal in the UK operated out of Ireland up until recently out of FCA control knowing full well they were committing fraud on a grand scale with things like "We're closing your account and if you want your money back get in contact with us in 180days time" which was the email people used to get when the system didnt like you for any reason.

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