Monero community proposes XMR to Elon Musk as Tesla’s payment option

A crowdfunding system by the Monero (XMR) community has raised $160,000 in a bid to make Tesla start accepting XMR as a payment option.

The community asked Tesla’s chief executive officer Elon Musk to include XMR as one of the payment options for Tesla 3 model vehicles.

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The proposal is coming days after Tesla announced it will soon start accepting Bitcoin as a payment option for some of its products. The company also announced it made a $1.5 billion Bitcoin investment.

According to the Monero proposal, the community stated that Tesla should seriously consider accepting the XMR token because of the token’s privacy features.

The community argued that it’s even safer to use Monero as a payment option than Bitcoin or other cryptocurrencies. They based their arguments on the fact that Bitcoin could still be traced because of its transparent blockchain. However, Monero trading is completely private since it hides the transaction details and addresses of both the sender and the receiver, including the transaction amount.

Monero payment option will offer more privacy

The Monero community has also promised to help with awareness of the inclusion by being involved in Twitter to make more people aware of the Monero addition. 11 members have contributed to the crowdfunding. “The proposal has 11 contributors so far and has raised 890 XMR ($160,000),” the proposal stated.

The contribution has been kept for 21 days before a refund to the contributors will be initiated. This means the community has given 21 days to get a response from Elon Musk. If he doesn’t respond to the proposal within the stated period, all funds will be returned to the various contributors.

The proposal also stated that the purchased cars will be donated to charity to give a reason for Monero to be added as a payment option. The community added that the inclusion of Monero as a payment option will be beneficial to some Tesla car owners who prefer keeping their purchases private.