28 Jul 2022 3:23 PM +00:00 UTC

Amazon Digital Currency Release Date: When Will Amazon Launch Its Own Digital Currency?

Amazon is soon expected to create its own digital currency, but when is the Amazon virtual currency release date?

Much of the cryptocurrency world has focused recently on whether Amazon will accept bitcoin. However, this won't be their only entrance into the world of digital currencies.

Here's what to expect from Amazon's digital currency project.

Amazon Digital Currency Release Date

Amazon has to confirm the existence of its digital currency project, let alone its release date.

However, according to one insider who spoke to City AM, Amazon is investigating creating its own native token to release in 2022.

Of course, we need to take these claims with a pinch of salt. This insiders bombshell interview claimed Amazon would accept bitcoin by the end of the year - a claim Amazon swiftly refuted.

It is worth noting, however, that the Amazon statement to Reuters did not specifically reject assertions that it was creating its own token. Instead, a spokesperson said:

Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.

We'll update this page with any new information as it comes out, However it seems that the project has gone quiet for now.

Amazon Cryptocurrency Name

Amazon had long back purchased three cryptocurrency domain names notably Amazon Ethereum, Amazon Cryptocurrency, and Amazon cryptocurrencies.

The retail giant also has its own virtual currency called Amazon coins.

However, there are no active updates on when Amazon's digital currency will launch and whether it will have a different name or not.

Will Amazon Release Its Own Cryptocurrency?

This isn't the first time we've heard rumours of Amazon's own digital currency. Another job posting for Amazon's Digital and Emerging Payments division posted earlier this year hinted at Amazon's creation of a new payment method, allegedly set to roll out first in Mexico.

The product would allow Amazon users to "convert their cash into digital currency" to be used for various Amazon goods and services, according to the now-removed listing.

Indeed, a more recent job listing for a Digital Currency and Blockchain Product Lead seeks someone to "develop Amazon’s Digital Currency and Blockchain strategy and product roadmap."

However, even if this was described as a "token" by the City AM insider, it is likely the Amazon currency will not be a cryptocurrency.

Cryptocurrencies are decentralised products that sit on a peer-to-peer blockchain. This means that it is up to the community to make decisions around the future of the coin. Bitcoin's upcoming Taproot upgrade, for example, can only go ahead if it gains a consensus of 90% of miners.

Amazon's currency is more likely to be centralised- with the decision-making laying in the hands of the company. This would put it in the same category as other digital currencies, such as the Central Bank Digital Currencies that 81 countries are investigating, or Facebook's Diem coin.

[Featured Photo by Christian Wiediger on Unsplash]

For more articles like this, take a look at our Planet Crypto page.