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Amazon Denies Report of Accepting Bitcoin as Payment

"The speculation that has ensued around our specific plans for cryptocurrencies is not true," said a spokesperson from Amazon.

Amazon on Monday denied a media report saying the e-commerce giant was hoping to accept bitcoin payments before the year’s end.

The report referring to an anonymous “insider”, sent the world’s greatest digital currency up however much 14.5 percent before it managed gains to last exchange 6% higher at $37,684.04 (generally Rs. 28 lakhs).

“Despite our advantage in the space, the hypothesis that has resulted around our particular designs for cryptographic forms of money isn’t accurate,” said a representative from Amazon.

“We stay focused on exploring what this could look like for customers shopping on Amazon.”

Organization on July 22 posted an employment opportunity for an advanced cash and blockchain product lead.

A growing number of companies have begun to accepted virtual currencies for payments, bringing a resource 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 vehicle maker will no doubt restart accepting Bitcoin as payment 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.