Cryptocurrency latest news curated for cryptocurrency investors
Is Amazon going to start accepting Bitcoin payments? Is it going to launch a cryptocurrency of its own? What’s IMF has to say about El Salvador’s plan on adopting Bitcoin as national currency and much more. In our cryptocurrency latest news and blogs series, we have some news straight from Amazon. An anonymous source revealed that the corporate entity will soon begin accepting cryptocurrency payments. Unsurprisingly, the first cryptocurrency to be used for this purpose is Bitcoin. When will it begin? At this year’s end, the company will expand to other cryptocurrencies. According to this insider, the executives are making all the necessary moves (discussion, etc.), to make it happen. Jeff Bezos himself has given the green signal to this project. Aside from that, we may see a cryptocurrency from the company, during the first quarter of 2022. To oversee all these operations, the company will hire Digital Currency and Blockchain Product Lead for the London location. The vacancy was posted in the company’s job profile. His job role will create a cryptocurrency strategy for this purpose. To apply for this job, the candidate must have sufficient knowledge on Blockchain, distributed ledgers, central bank digital currencies (CBDCs), among other things. Contingent to this move, the eCommerce giant did release a job notification related to a technical lead for development of Digital and Emerging Payments platform. The company did not accept these rumors, however, we are not sure about the entire scenario. The second news describes IMF’s mentality against El Salvador’s Bitcoin acceptance rule. We know that El Salvador is one of the first countries to pick Bitcoin as a national currency. The IMF has some reservations about this, and we think for valid reasons. According to them, choosing cryptocurrency as a national currency can cause some problems. It can increase the price of commodities (making the situation much more difficult and unstable). And the government might have to make some decisions that can make the situation even murkier. Also, this currency can be used by criminals for money laundering, and cryptoterrorism. This is a serious issue, if you add in unstable macroeconomic factors. Tobias Adrian, and Rhoda Weeks-Brown from IMF think that without a stable principle, and exchange rates in place. It can cause a dip in the government’s revenues and taxes. However, they know the benefits of using this currency, especially for people without access to banks. However, there must be a regulation in place to take
control of these assets. They also think that if all countries decide to adopt cryptocurrencies it can actually lower the motion’s credibility. Due to that, the cryptocurrency’s price can get low, for example check Bitcoin’s graph. It was $65,000, then it reached $30,000, and then it again went up to $40,000. Now, it is falling again, currently resting on the $37,000 mark. While we cannot specifically hear the name El Salvador, however, we get the hint. They also think that it can increase cryptocurrency mining risks, and energy consumption. So, appropriate measures need to be taken, and we couldn't agree more. We will cover more of this news in our next cryptocurrency latest news and blogs article.