Amazon Denies Report of Accepting Bitcoin as Payment

Amazon on Monday denied a media report saying the e-commerce giant was looking to accept bitcoin payments by the end of the year.

The report citing an unnamed "insider", sent the world's biggest cryptocurrency up as much as 14.5 percent before it trimmed gains to last trade 6 percent higher at $37,684.04 (roughly Rs. 28 lakhs).

"Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true," said a spokesperson from Amazon.

"We remain focused on exploring what this could look like for customers shopping on Amazon."

The company on July 22 posted a job opening for a digital currency and blockchain product lead.

A growing number of companies have started to accept virtual currencies for payment, bringing an asset class shunned by major financial institutions until a few years ago closer to the mainstream.

Last week, Tesla Chief Executive Officer Elon Musk said the electric-car maker will most likely restart accepting Bitcoin as payments once it conducts due diligence on the amount of renewable energy used to mine the currency. Bitcoin price in India stood at Rs. 27.4 lakhs as of 10:30am IST on July 27.

© Thomson Reuters 2021