Amazon 'secretly creating virtual currency to rival Bitcoin' for private online shopping

AMAZON is working on a new virtual currency that users could spend on its platforms.

This is according to job adverts that the company has put out for its 'Digital and Emerging Payments (DEP)' division.

The adverts reveal that Amazon is in the process of developing a system which lets customers “convert their cash into digital currency”.

It indicates that the virtual money could be used for shopping as well as services like Prime Video.

According to Tech Radar, the job adverts have now been removed.

However, this didn't stop reporters revealing that the project intends to launch first in Mexico.

If the virtual money proves popular it might be expanded to other markets.

The whole project is shrouded in secrecy and Amazon has not made a public comment on the proposed digital currency system.

This means details will likely remain pretty scarce until Amazon wants to reveal more.

The news follows Elon Musk's Tesla announcing a $1.5billion investment in Bitcoin.

Bitcoin is said to be the world's most famous cryptocurrency and is increasingly growing in popularity.

Facebook has also been working on its own digital payment system since around 2019.

What is Bitcoin?

Bitcoin got you baffled? Here’s what you really need to know

  • Bitcoin is a virtual currency
  • It's traded between people without the help of a bank
  • Every transaction is recorded in a public ledger, or 'blockchain'
  • Bitcoin is created by mining
  • Mining involves solving difficult maths problems using computer processors
  • Bitcoin can be traded anonymously, which makes it a popular way of funding illegal activities
  • A single Bitcoin is worth just under £5,000 today, but the value fluctuates wildly
  • Bitcoin is one of many different cryptocurrencies, but by far the most popular

In other news, assassins are accepting cryptocurrencies like Bitcoin to commit crimes, according to Russian media.

Jeff Bezos is stepping down as CEO of Amazon.

And, influencers have been told not to add misleading filters to social media adverts by the Advertising Standards Authority in the UK.

What are your thoughts on Bitcoin? Let us know in the comments…

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