Bitcoin (BTC), Cryptocurrency, News

Amazon Rejects Rumors Says It Does Not Currently Plan To Integrate BTC Payments

Amazon (a giant in the field of e-commerce) has denied the recently speculated ideas about its preparation for backing Bitcoin (BTC) as it states that there are no such plans under its consideration. Even though it rejects the rumors, it will shortly accept BTC payments as a representative of the company has mentioned that the company is inclined toward crypto space.

On 27th July, Reuters reported the citation of a representative of the firm describing that Amazon is still persuaded by the industry of cryptocurrency. However, it has no explicit framework for digital assets to be accepted as payments. Nonetheless, the spokesperson did not refute that the firm is examining crypto payments as disclosing that the company will be persistently attentive in discovering the advancement and convenience for the customers.

On 22nd July, a job vacancy regarding the blockchain product and digital currency chief was posted by Amazon. After four days, a detail was published by a London-based newspaper named City A.M., which cites an associate claiming that Amazon was certainly arranging to issue a unique token and support BTC payments highlighting the possibility of the supposed strategies of Amazon for cryptocurrencies.

Wu Blockchain, a Chinese media outlet for cryptocurrency, associated the alleged plans of Amazon with the spiking market values on Monday when Bitcoin increased up to 15% in just three hours, and it happened during a terrible squeeze that carried roughly $110M in liquidations. In a tweet posted on 26th July, Wu revealed that Bitcoin expedited by 12% in only one hour due to the obvious Amazon upsurge in the community of China.

Simultaneous with the dismissal of the rumored strategies by Amazon to back BTC, a significant decrease in the Bitcoin prices has been noticed. According to the most recent records by CoinGecko, BTC trading has stepped 4.4% downward during the last 24 hours, standing at the position of $36,770.

It has been reported on 23rd July that Amazon is readying for accepting BTC payments. The report further points out that the aforementioned appointed chief of the product will be given the task of developing an adequate approach regarding the digital currency on behalf of the firm. Another task attributed to the product lead, according to the report, is the construction of a standard procedure related to the respective crypto products.

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