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Elon Musk, owner of social media platform X, confirmed that a beta version of X Money will be released soon, allowing X users to transact digital payments. There was much user speculation as to when X Money would be released. Musk is well known as the CEO of both Tesla and SpaceX.
The digital payments launch complements Musk’s vision of turning X, formerly Twitter, into an ‘everything app’, hosting all sorts of digital services, including financial apps, alongside the original social media platform. An insider revealed that X was on the verge of releasing the X Money feature, which would allow payment transactions and banking tools. Musk confirmed the release of X Money, with the caveat that the new feature will have a limited beta rollout and will be released slowly because customer savings need to be taken. The release date is not yet known, but is suspected to be sometime in 2025. The payment services will most likely include Bitcoin and Visa, but crypto adherents believe we could also see an XRP and Dogecoin debut.
Facebook Marketplace has provided financial services for some time, allowing users to buy and sell items from within the app. X Money is not the first social media platform to entertain the idea of embedding financial services. TikTok also has a rewards program for creators to earn money from creating videos. X Money, however, plans on making fast payments within the app, effectively replacing traditional banks.
Further, Musk is often affiliated with crypto brands like Dogecoin. However, Musk had to abandon plans to allow Tesla cars to be purchased with crypto due to environmental concerns regarding proof-of-work algorithms. Visa announced earlier this year that they were the first payment service to collaborate with X Money. Visa users can send money directly to X Money from their accounts. X Money, however, has got competition, especially from Asian markets. WeChat, for example, already integrates payments into its social media app. 
Linda Yaccarino, X’s CEO, stated that X Money would most likely be released later in the year and include peer-to-peer functionality for Visa holders. X users would be able to send payments to other X users with ease. Musk has been talking about an ‘everything app’ for some time now. However, whether Musk will enable cryptocurrencies like XRP and Dogecoin on X Money.
Musk has promoted Dogecoin and invested in a Bitcoin treasury with his company, Tesla. Trump tapped Musk to advise a government department called DOGE, which was an apparent reference to Dogecoin. Since Musk bought Twitter in 2022 and rebranded it as X, there has been speculation that he would convert it into a crypto payment app.
Elizabeth Warren, a Democratic Senator, has a more critical take on Musk’s X Money, suggesting that Musk is seeking to collect people’s financial data to make up for losing so much money on X. Warren also sees Musk as colluding with Trump to enrich himself and his company.
Musk bought Twitter for $44 billion and immediately indicated he wished to transform the troubled social media platform into X, an everything app. Linda Yaccarino, X’s CEO, announced at the time that X would include multiple media formats, banking services, and unlimited interactivity.
There has always been speculation that X would consist of Bitcoin transactions. However, X Money was expected to be launched in mid-2024, but this has been further delayed. However, Musk suggests that extra care had to be taken when dealing with users’ savings. President Trump took office in January and appointed Musk as the head of the DOGE department. The increased interaction between Musk and Trump may further empower X Money to endorse cryptocurrencies, including Bitcoin, XRP, and Dogecoin.

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Updated 25 May, 2025 02:39pm
Govt allocates 2,000MW for Bitcoin mining and AI data centres
Tahir Sherani
In a groundbreaking move to transform Pakistan into a global leader in digital innovation, the government has announced the allocation of 2,000 megawatts (MW) of electricity in the first phase of a national initiative to power Bitcoin mining and artificial intelligence (AI) data centres.
The government recently decided to legalise cryptocurrency to lure international investment in Pakistan. The Pakistan Crypto Council (PCC) was launched in March to “regulate and integrate blockchain technology and digital assets” into the country’s financial landscape.
The federal government appointed entrepreneur Bilal Bin Saqib as the chief adviser to the finance minister on the council.
A statement by the Finance Division says this ambitious initiative is spearheaded by the PCC — a government-backed body under the Ministry of Finance — as part of a broader strategy to “monetise surplus electricity, create high-tech jobs, attract billions of dollars in foreign direct investment, and generate billions of dollars for the government”.
Finance Minister Muhammad Aurangzeb stated that this strategic allocation marks a pivotal moment in Pakistan’s digital transformation journey, unlocking economic potential by turning excess energy into innovation, investment, and international revenue.
“Pakistan is uniquely positioned — both geographically and economically — to become a global hub for data centres. As a digital bridge between Asia, Europe, and the Middle East, Pakistan offers the most strategic location in the world for data flow and digital infrastructure,” the statement says.
It said that since the inception of the PCC, there has been tremendous interest from global Bitcoin miners and data infrastructure companies. Several international firms have already visited the country for exploratory discussions, and following this landmark announcement, more global players are expected to visit in the coming weeks.
“Pakistan’s underutilised power generation capacity is now being repurposed into a high-value digital asset. AI data centres and Bitcoin mining operations, known for their consistent and heavy energy usage, provide an ideal use case for this surplus.
“Redirecting idle energy, especially from plants operating below capacity, allows Pakistan to convert a long-standing financial liability into a sustainable, revenue-generating opportunity,” the statement added.
PCC CEO Bilal Bin Saqib emphasised the transformative nature of this initiative and explained that with proper regulation, transparency, and international collaboration, Pakistan can become a global crypto and AI powerhouse.
Saqib said that this energy-backed digital transformation not only unlocks high-value investment but enables the government to generate foreign exchange in US dollars through Bitcoin mining.
Additionally, as regulations evolve, Pakistan can accumulate Bitcoin directly into a national wallet — marking a monumental shift from selling power in Pakistani rupees to leveraging digital assets for economic stability.
By offering stable and affordable energy, the statement said Pakistan presents a highly competitive environment compared to regional counterparts like India and Singapore, where rising power costs and land scarcity limit scalability.
Pakistan’s strategic advantage is further underscored by the global context as while AI data centre demand has soared to over 100 gigawatts (GW), the global supply remains around 15GW. This massive shortfall creates an unprecedented opportunity for countries like Pakistan with surplus power, land and an emerging regulatory framework, it added.
The statement further said the country’s digital connectivity has also been significantly strengthened by the landing of the world’s largest submarine internet cable. The Africa-2 Cable Project, a 45,000-kilometre global network connecting 33 countries through 46 landing stations, has now landed in Pakistan.
This milestone enhances Pakistan’s internet bandwidth, latency and resilience through redundant fiber routes — key for ensuring high availability and operational continuity for AI data centres.
With more than 40 million crypto users, Pakistan holds immense potential as a regional leader in digital services. Establishing local AI data centres will not only address growing concerns around data sovereignty but will also enhance cybersecurity, improve digital service delivery, and empower national capabilities in AI and cloud infrastructure.
These centres are expected to create thousands of direct and indirect jobs, catalysing the development of a skilled workforce in engineering, IT, and data sciences.
The statement adds that this announcement marks only the first phase of a broader, multi-stage digital infrastructure rollout. Future developments are expected to include renewable energy-powered facilities — leveraging Pakistan’s immense wind (50,000MW potential in the Gharo-Keti Bandar corridor), solar, and hydropower resources — as well as strategic international partnerships with leading blockchain and AI companies, and the establishment of fintech and innovation hubs.
These efforts will be complemented by proposed incentives such as tax holidays, customs duty exemptions on equipment, and reduced taxes for AI infrastructure developers, it added.
“Pakistan’s combination of surplus power, geographic advantage, advanced subsea cable connectivity, renewable energy potential, and a large, digitally engaged population creates a compelling case for becoming a regional epicentre of Web3, AI, and digital innovation.
“With the right incentives, strategic