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April 15, 2014

Amazon says no to bitcoin transactions

The online retailer says there is too little interest in the virtual currency to benefit from accepting it.

By CBR Staff Writer

Online retailer Amazon has rejected the idea of accepting virtual currency bitcoin, even though some of its rivals have already started accepting it.

According to Amazon’s payments boss Tom Taylor, the online retailer had considered bitcoin but ultimately decided that there was too little interest in the virtual currency to benefit from accepting it.

Taylor told Re/Code: "Obviously it gets a lot of press and we have considered it, but we’re not hearing from customers that it’s right for them and don’t have any plans within Amazon to engage Bitcoin."

In addition, Taylor noted that Amazon has greater goals currently than trying out digital currencies and is considering dealing with foreign exchange rates and other issues that affect retailers.

In the UK and US, the number of retailers accepting bitcoin payments is currently on the rise as expectations continue to increase its increase in value.

Amazon also launched its own currency called Amazon Coins for Kindle Fire customers in the US last May to allow consumers to buy apps, games and in-app items in its Appstore and on Kindle Fire.

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