Blockchain & Crypto

Amazon denies reports of accepting Bitcoin as Payment

There is no doubt that the popularity of cryptocurrencies has grown manifold, but that also leaves room for misinformation. Recently a report was in circulation in the news that USA-based e-commerce giant Amazon might start accepting Bitcoin payments from 2021. News reports further suggested that the company is also planning to develop its cryptocurrency by 2022.

The rumor mill started as Amazon’s latest job listing sought an experienced product leader to develop “Amazon digital currency and Blockchain strategy and product roadmap.” The company however denied the report, Reuters reported.

Effect on Bitcoin price

Amazon spokesperson said, “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon.” The company’s denial sent Bitcoin tumbling below $37,000 while rival coins including Ether and Litecoin also fell.

A growing number of companies have started to accept virtual currencies for payment, bringing an asset class shunned by major financial institutions. Last week, Tesla Inc Chief Executive Officer Elon Musk said the electric-car maker will most likely restart accepting Bitcoin as payment once it conducts due diligence on the amount of renewable energy used to mine the currency.

Do subscribe to our Telegram channel for more resources and discussions on tech-law. To receive weekly updates, don’t forget to subscribe to our Newsletter.

Pukhraj Biala

I am an undergraduate student at Symbiosis Law school, NOIDA, pursuing B.A.LL.B. I am a problem solver who believes in reaching to a conclusion by weighing all the options and identifying the best possible one. I find Technology Laws quite fascinating and I continue to follow and learn the subject.

Share your thoughts!

This site uses Akismet to reduce spam. Learn how your comment data is processed.