Amazon is considering cryptocurrency – but it won’t be Bitcoin

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Amazon denied a report last week that the e-commerce giant intended to start accepting Bitcoin payments by the end of this year, but recognized an interest in the cryptocurrency.

UK Business Daily City AM quoted an anonymous insider as saying that Amazon would start using cryptocurrency, citing a recent job posting by the company for someone with digital currency and blockchain skills. Contacted by AFP, an Amazon spokesperson said the information in the story was “fabricated,” but the firm’s eyes were on the cryptocurrency industry.

“Despite our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” the spokesperson said. “We remain focused on what this might look like for customers who buy from Amazon.”

Cryptocurrency values ​​have climbed solely on the basis of speculation that Bitcoin could be accepted for purchases on Amazon. But the Amazon representative broke the news, noting that while the e-commerce and fulfillment giant is interested in the crypto ecosystem, Bitcoin payments are still not on the cards.

“We are inspired by the innovation that is happening in the cryptocurrency space and explore what that might look like at Amazon,” the spokesperson said. “We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

After plunging from early May to mid-July, Bitcoin briefly exceeded US $ 40,000 on Monday before losing ground. It was trading at US $ 37,209 around 11:00 p.m. GMT last week on Monday. The cryptocurrency industry is known as a roller coaster ride for investors and is watched with suspicion by authorities and regulators concerned about its lack of transparency.

Amazon is not the only cryptocurrency link

The backlash from governments prompted Facebook to scale back plans unveiled in 2019 for a global cryptocurrency called “Libra.” The project, entrusted to an independent association, has moved to the establishment of stable coins “Diem”, a type of cryptocurrency whose value is based on certain real world currencies.

Amazon handles hundreds of billions of dollars in transactions each year, making it a huge market for cryptocurrency to debut as legal tender. With speculation around the grip came the news that Tesla boss Elon Musk and Twitter founder Jack Dorsey debated Bitcoin’s future at an event – with Twitter’s supremo touting Bitcoin as the “best candidate” to become the “native currency” of the Internet.

“So I think it’s extremely important for Twitter and for the shareholders of Twitter that we continue to look at the space and invest aggressively in it,” he added. Experts say this is essentially the first time Dorsey has spoken publicly about how Twitter could integrate Bitcoin into its product line.

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