Andy Jassy has said that Amazon would not accept cryptocurrency payments, shattering the hopes of the crypto community as other platforms say yes to crypto. In a recent interview, Amazon Chief Executive officer Andy Jassy stated that the company does not intend to add cryptocurrency as part of its payment method.
Despite the negative feedback, many still anticipate Amazon to make a significant foray into the cryptocurrency space. If speculations should be believed, this might happen later in 2022 in the guise of a cryptocurrency token. However, Jassy’s refusal to accept cryptocurrency payments is a big setback for the cryptocurrency business.
Amazon Says Cryptocurrency Payment Will Not Be Accepted
According to Jassy, no concrete explanations were given for Amazon’s refusal to accept cryptocurrency soon. However, according to an Analyst at CryptoCompare, David Moreno Darocas, the major reason for the corporation’s decision is likely due to the fluctuation since the firm is hesitant to assume the risk of market changes against owning cryptocurrency.
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“If you enable cryptos as a form of payment, Amazon will have to accept the risk of the value of that cryptocurrency fluctuating. And, of course, with cryptocurrency being very volatile, this is a major concern for the company,” Darocas added.
Since internet-only shops often have minimal profit margins, it is understandable that instability is a concern. Due to Amazon’s low net margin of 2%, anything purchased with cryptocurrency would result in a total loss if the price drops on the day the order was placed.
In addition to regulatory uncertainty, risking beneficial fee arrangements with card companies such as Mastercard and Visa, the founder of Amazon, Jeff Bezos, showing no interest in Bitcoin, and leaving the route free for Amazon’s possible crypto token, there are many more speculative factors.
What Is The Status Of The Amazon Crypto Token?
A job advertisement for a Director of Virtual Currency and Blockchain was placed by Amazon in 2021, sparking speculation about the company’s cryptocurrency aspirations.
“Amazon’s Virtual Currency and Blockchain strategy,” according to the job description, necessitated hiring an employee with relevant product development skills. Amazon is looking for an experienced product leader to help them establish their cryptocurrency and blockchain strategy and product roadmap.
Rumours about an Amazon cryptocurrency twist have been floating for many years, identical to those circulating about eBay. Although a position has been advertised, the company has been mute on exactly what it intends to do with the position.
Some have interpreted the job vacancy to signify that the online store would introduce its digital currency. According to reports, Amazon will introduce its crypto in 2022, although no specific date has been announced when this will occur. It would be inappropriate to draw any inferences at this point based on the fact that the company has remained mute on the subject.
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