Amazon eyes cryptocurrency but not poised for Bitcoin

Amazon eyes cryptocurrency but not poised for Bitcoin

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New York: Amazon on Monday denied reports that the e-commerce giant plans to start accepting Bitcoin payments by the end of this year, but admitted that it is interested in cryptocurrencies.

City AM quoted an unnamed insider as saying that Amazon will start adopting cryptocurrency and cited the company’s recently released positions for hiring digital currency and blockchain skills.

An Amazon spokesperson contacted by Agence France-Presse stated that the information in the story was “fabricated,” but the company did focus on the cryptocurrency field.

“Not withstanding 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 could look like for customers shopping on Amazon.”

Cryptocurrency values climbed on speculation that it might be accepted for Amazon purchases.

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could 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 falling from early May to mid-July, Bitcoin briefly rose above $40,000 on Monday and then lost momentum. At around 2300 GMT on Monday, its transaction price was US$37,209.

The cryptocurrency industry is called a roller coaster by investors, and authorities and regulators are wary of its lack of transparency.

The government’s strong opposition led Facebook to scale back its plans for a global cryptocurrency called “Libra” announced in 2019.

The project was entrusted to an independent association and has moved to deploying the “Diem” stablecoin, a cryptocurrency whose value is based on a selected real-world currency.

Amazon processes hundreds of billions of dollars in transactions each year, making it a huge market where cryptocurrencies make their debut as legal tender for the first time.

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