Currently We Don’t Have Any Plans For Crypto: Amazon Pay VP

Currently We Don’t Have Any Plans For Crypto: Amazon Pay VP

Cryptocurrency News
June 24, 2019 Editor's Desk
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Amazon would only initiate discussing the creation of its own cryptocurrency like Facebook’s Libra after some more years’ time, a senior executive of the company said at a conference. Speaking at Fortune’s Brainstorm Finance 2019 event, Patrick Gaulthier, vice president of Amazon Pay, said the kind of value transfer system Facebook unveiled this week was
Amazon Crypto

Amazon would only initiate discussing the creation of its own cryptocurrency like Facebook’s Libra after some more years’ time, a senior executive of the company said at a conference.

Speaking at Fortune’s Brainstorm Finance 2019 event, Patrick Gaulthier, vice president of Amazon Pay, said the kind of value transfer system Facebook unveiled this week was a step too far in the current climate.

According to him, it’s fresh and speculative and at Amazon, they don’t really deal with the speculative, as of now.

Facebook continues to get traction in cryptocurrency, financial and government circles in the wake of the first publicity material around Libra going live.

It is promoted as a network designed to allow users to send money like messages or pictures on social media, this project has attracted scorn for its technical setup and roadmap, while some lawmakers have already gone ahead and requested the company halt development altogether.

As a potential alternative to fiat currency and central banks around the world, other industry insiders have suggested some governments, like Russia, will seek to block Facebook and any other product supporting the Libra project.

In the United States, the Senate Banking Committee is going to hold a dedicated hearing on the cryptocurrency next month, according to reports.

Amazon has so far been quite clear of cryptocurrency implementation despite various rumours in recent years, favouring blockchain research.

Depending on how space evolves and also how Libra works, however, the retail giant may reconsider the Libra-style cryptocurrency option in the near future.

Gaulthier summarized that at Amazon, they deal with data a lot, so they’ll be happy to have discussions over cryptocurrency two or three years from now.

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