Amazon is setting up to launch their own digital currency

[semobo]

Amazon is now the latest company to be jumping to the cryptocurrency world by creating their own currency so it can be used as payment system in their marketplace.
It's yet to be concluded if amazon is already developing their new currency or they are just in a study face as things is still in secret.

Source https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival

If they are planning to launch full-fledged centralized crypto all over the world then surely they will be facing legal issues like what happened with Libra project from facebook because governments never want those corporates to make money for themselves since they are giving huge revenue to the economy with fiat transactions.

[Jawhead999]

The article provided didn't match with the url, it written as "Bitcoin rival" while the amazon digital currency doesn't have any power or better system comparing to Bitcoin.

It just still a plan and not have official launch/release about the coin, just like Diem (knowly as Libra) created by Facebook. And until now there's no official announcement about the Diem coin, still on progress.

The coin will be centralized and controlled by amazon, similar as Binance exchanges has Binance coin. The value will be based on the service reputation.

[Maslate]

Amazon is now the latest company to be jumping to the cryptocurrency world by creating their own currency so it can be used as payment system in their marketplace.
It's yet to be concluded if amazon is already developing their new currency or they are just in a study face as things is still in secret.

Source https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival

This is somewhat a trial and error and I hope they were right with their decision. But if I was in the company, I certainly not agree with this, there is a huge risk with this. And if we could remember, many projects having difficulties doing this, and some (many) had failed already. I'm afraid this plan will turn like that and only gives them losses.

But I believe it was run through many test and market exposures and if that resulted in positive, then we can say the success is really at its near.

[TWW]

Amazon is now the latest company to be jumping to the cryptocurrency world by creating their own currency so it can be used as payment system in their marketplace.
It's yet to be concluded if amazon is already developing their new currency or they are just in a study face as things is still in secret.

Source https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival

If they are planning to launch full-fledged centralized crypto all over the world then surely they will be facing legal issues like what happened with Libra project from facebook because governments never want those corporates to make money for themselves since they are giving huge revenue to the economy with fiat transactions.

it would be difficult if the government had that kind of thinking. what they think should be the advancement of technology and how the country's revenue can increase with the crypto from large companies. good regulation that benefits both parties should be a solution, not a prohibition.

[isaac_clarke22]

~

Creating their own coins, huh?
I guess it's like those rewards system in  some e-commerce sites. Not sure how would this play out and I am not sure as well why would someone buy it just to buy merchandise inside the site instead of just paying with bank account.
It would be at least convenient if they also allowed Bitcoin payment.

[meldrio1]

Another big company gets into the crypto world this is interesting.. If this crypto is a volatile then the price will be explode for sure once this coin get listed in the market but I don't think if they can successfully launch their own crypto because facebook still having a problem, you know their government is very strict when it comes to crypto.

[semobo]

Amazon is now the latest company to be jumping to the cryptocurrency world by creating their own currency so it can be used as payment system in their marketplace.
It's yet to be concluded if amazon is already developing their new currency or they are just in a study face as things is still in secret.

Source https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival

If they are planning to launch full-fledged centralized crypto all over the world then surely they will be facing legal issues like what happened with Libra project from facebook because governments never want those corporates to make money for themselves since they are giving huge revenue to the economy with fiat transactions.

it would be difficult if the government had that kind of thinking. what they think should be the advancement of technology and how the country's revenue can increase with the crypto from large companies. good regulation that benefits both parties should be a solution, not a prohibition.

Now governments are printing money so they can print any amount as they wish but these companies replace the fiat system by the government then companies will have the power to print money and governments are going to obey what companies orders to them?

[DU18]

Another big company gets into the crypto world this is interesting.. If this crypto is a volatile then the price will be explode for sure once this coin get listed in the market but I don't think if they can successfully launch their own crypto because facebook still having a problem, you know their government is very strict when it comes to crypto.

some time ago Facebook and Telegram have announced their own currency and then Tesla has included bitcoin as a means of payment for their products and now Amazon is doing the same thing by adopting crypto into its company, with many large companies in the world today adopting crypto of course it will making Crypto more popular so that it will allow the government to provide regulation of the current development of crypto, although now many governments are banning crypto but with the adoption of crypto by large companies it will certainly pave the way for crypto to get comprehensive regulation in governments.

[optimisticcm]

Amazon is now the latest company to be jumping to the cryptocurrency world by creating their own currency so it can be used as payment system in their marketplace.
It's yet to be concluded if amazon is already developing their new currency or they are just in a study face as things is still in secret.

Source https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival

I think it would be much better if they used already existing truly decentralized coons like btc, eth or ada for their platform, creating a new coin for their platform would mean they want to control it and it would definitley be a centralized coin.

[justdimin]

Even if this is true (which I think it probably is not true) it will take years before they can do anything about this. I am not joking the first time we have ever heard of facebook creating their own digital currency was early 2019, that is 2 years ago, do you know where the situation is? In concept stage right now, so facebook's coin has been in concept boardroom situation for 2 years and counting.

It is not easy for these people to end up making this kind of decisions, they are hundreds of billions of dollars worth companies and if they want to create their own currency without getting SEC punish them with insane penalties for it, they have to be very very careful about it. Long story short, even if this is true which I doubt it would be, this is going to be at least 3+ years later and not anytime soon so there is no need to talk about it just yet.

[coinswebid]

Amazon is now the latest company to be jumping to the cryptocurrency world by creating their own currency so it can be used as payment system in their marketplace.
It's yet to be concluded if amazon is already developing their new currency or they are just in a study face as things is still in secret.

Source https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival

this is great news because now a lot of huge company getting started to use cryptocurrency,
but i don't think if this amazon crypto can be the rival of bitcoin mate

[gwdf1]

Even if Amazon decided to follow the example of its predecessors like Tesla and take its own niche in the crypto space, then it will only benefit everyone. On the contrary, it is very good that new coins are created by various well-known companies. Every day more and more large companies legalize and implement cryptocurrencies.

[hari9981]

If Amazon launch it, i think people will start to buy it.
Blockchain implementation in the biggest online market which the fact that Amazon also can be considered as Tech Company, absolutely the coins will be worth to buy.

[target]

If Amazon launch it, i think people will start to buy it.
Blockchain implementation in the biggest online market which the fact that Amazon also can be considered as Tech Company, absolutely the coins will be worth to buy.

Their digital currency will probably like a stablecoin and not like the real blockchain coin where its price will fluctuate when listed to the market. The purpose of the currency could be just for the loyalty or reward system and for buying products in the Amazon store. If they are going to design it like a cryptocurrency, they will face issues to SEC.

[uneng]

The purpose of the currency could be just for the loyalty or reward system and for buying products in the Amazon store. If they are going to design it like a cryptocurrency, they will face issues to SEC.

Besides the traditional staking I know some altcoins projects like StormX work like a third party service which already offer cashback feature when shopping in sites like AliExpress, Agoda and Wish. Maybe Amazon can reproduce this feature with their own token on their site, although I don't know how free they are to offer benefits to customers because SEC vigilance.
I have no doubts if Amazon really launches a digital currency the success will be huge. But as the public becomes more demanding with so many interesting altcoins options around, Amazon needs to offer nice features to their currency's holders.

[dogemoon]

it makes no sense for companies creating centralized currencies that are only worth buying from them. This is simply balance, credits, vouchers, tokens,  or whatever you want to call it, it will never be a currency.

although it can be useful if you can buy those "amazon credits" in an exchange with true currencies

[Kena Banned]

obviously all the big companies want to get on the winner's wagon, financially speaking,that are crypto, i don't know how successful this amazon initiative will be, then it will always be a centralized token, to be kept under observation anyway

Amazon is big and yes their token or coin will be easily adopted but as time goes on it won't matter anymore, it will be better if they accepts crypto coins as means of payment on their website than trying to get into blockchain, something they never have experience with before, anyway anything can happen, remember Polkadot and Avalanche are stronger today because they have blockchain experts as team members, I hope amazon team know what they are doing

It isnt hard for Amazon to get in to blockchain, they also can be considered as Technology Company plus have their own server (in many regions).
I will absolutely invest to it if Amazon create coin, imagine if the Amazon token became the future of their payment processor or even their companies shares.

[VanDeinsberg12]

All these corporate starting own currency makes no sense for decentralization but it may be useful for the companies to reward platform users and keep track of several things on blockchain. I wouldn't invest in any of these to be fair.

These company will definitely try to modify the blockchain system as they sees fit, there should actually be taxonomy or categorization for cryptocurrency since I expect there gonna be a lot more variation that modifies the blockchain system.
However, amazon creating their own crypto is the same as those private company creating stablecoin, won't change anything if any it could let crypto users purchase through their platform.

[magneto]

What significance does this even have to the decentralised crypto world, or DeFi in general?

It's just going to be the same as any virtual gift card that Amazon issues, except now they are using blockchain technology to do it. It's purely for internal settlement/transfer purposes and not as a medium of exchange anywhere else.

It's not going to be groundbreaking, yet people in both the crypto space and the fiat equities sphere will both overreact to it like there's no tomorrow. Just goes to show how irrational markets truly are.

[DIA7]

What significance does this even have to the decentralised crypto world, or DeFi in general?

It's just going to be the same as any virtual gift card that Amazon issues, except now they are using blockchain technology to do it. It's purely for internal settlement/transfer purposes and not as a medium of exchange anywhere else.

It's not going to be groundbreaking, yet people in both the crypto space and the fiat equities sphere will both overreact to it like there's no tomorrow. Just goes to show how irrational markets truly are.

It's true It's not going to be something new that tgy will come up with but it will spread the news and make cryptocurrency more known out. There is still a lot of people out there who nows nothing about cryptocurrency and this move will make adoption for crypto to other major companies that will also help spread the good word nevertheless that investing early on could be very lucrative for the future.