Amazon Pay Is Not Currently Pondering Any Cryptocurrency Development Citing Its Too Speculative


Amazon is yet to consider developing a cryptocurrency according to sentiments shared by one of the firm’s top executives during a conference on 10th June.

Patrick Gaulthier, Amazon Pay VP, spoke on this when the Fortune’s Brainstorm Finance 2019 event was held earlier this month. He noted that Facebook’s move into cryptocurrency following the announcement of ‘Libra’ was premature based on the prevailing challenges.

The move is highly speculative in Gaulthier’s opinion and he echoed that Amazon was not ready to accommodate such risks at the moment. This appears to concur with the market’s reaction to Facebook’s move that has seen major players in both government and finance take a deferring position on Libra’s innovation.

Facebook pitched Libra as a digital asset that will facilitate monetary transfers in a similar manner to sharing pictures or messages. So far, it’s designed has attracted criticism from most stakeholders including crypto enthusiasts while some of the legal fellows have made a step further requesting Facebook to delay this plan for better consultation.

Given its potential to disrupt the normal flow and regulation of fiat currencies, Central Authorities in some regions like Russia have clearly stated their skepticism. The Eastern Europe superpower indicated that they may have to eventually deny Facebook access to it's market or Libra affiliated products.

A Report by Cointelegraph revealed that Capitol Hill through the banking committee has scheduled a hearing in July attributed to Libra’s development.

However, these proceedings and reactions are yet to influence Amazon’s position in crypto development despite its contribution to digital ledger research. This is not to say that the online retail giant has completely ruled out crypto in future but may end up joining the wave once speculations fit into their risk models.

“At Amazon, we deal with data a lot, so I’ll be happy to have that conversation two or three years from now,”

Gaulthier added.

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