Amazon Ready To Make Crypto Money To Compete With Bitcoin, Facebook Made Libra Older

Amazon to create cryptocurrency to compete with Bitcoin (NDTV)

JAKARTA - Some time it was reported that Tesla bought up tens of trillions of rupiah worth of bitcoins. Recently, the company owned by Jeff Bezos decided to create a cryptocurrency to compete with already popular digital currencies such as bitcoin.

Amazon is looking for talent to recruit into its Digital and Emerging Payments (DEP) division. This area focuses on developing systems that enable customers in emerging markets to convert their cash into cryptocurrencies.

In addition to competing with bitcoin, the purpose of this cryptocurrency plan is to be used in purchasing goods from Amazon and also for streaming subscriptions, namely Prime Video.

"Customers can enjoy services including shopping for goods or services such as Prime Video", said Amazon as quoted by Tech Radar, Sunday, February 14.

The plan is for the Amazon digital currency development project to be released in Mexico first. Mexico will be home to a barometer of the success of Amazon's digital currency. If successful, Amazon will likely widen the range of its cryptocurrency to other countries.

However, recently job vacancies for the division have been removed as reported by Tech Radar.

Previously, the value of bitcoin skyrocketed after Tesla's boss, Elon Musk, announced that he was buying up the digital currency at the US $ 1.5 billion. The action was taken so that the purchase of an electric car could be paid for in bitcoin.

The skyrocketing bitcoin has made several parties attracted to making other cryptocurrencies compete with bitcoin. Before Amazon, there was already Facebook that was planning to develop its own digital currency.

In 2020, Facebook succeeded in making a cryptocurrency using the name Libra. This currency is managed by the Libra Association which is located in Switzerland.

Libra doesn't use Blockchain technology as a guarantor. The virtual currency only uses the assets of the guarantor, which consists of government bonds plus bank deposits.