Binance CEO, Zhao: Amazon will have to issue a currency sooner or later

Many online-based businesses aren’t accepting cryptocurrencies due to the huge volatility in the price and concerns over the legality of the currency. But amid all this uncertainty, Changpeng “CZ” Zhao, CEO of the world’s largest crypto exchange Binance, believes that the e-commerce giant Amazon will end up accepting cryptocurrency as a mode of payment sooner or later.

He highlighted the benefits of cryptocurrency in a tweet:

The tweet stated:

“For any internet (non-physical) based business, I don’t understand why anyone would not accept crypto for payments.  It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographics and geography.”

And in response to a comment that said “ask jeff bezos.. if he do everyone will copy,” Zhao added:

“Amazon will have to issue a currency sooner or later.“

There have been many rumors from time to time that state Amazon wants to use Bitcoin as a payment method. Zhao has pinpointed Amazon as a potential major adopter of digital currency. Back in December, Zhao said he’s waiting for Amazon to ditch fiat and enter the ecosystem.

However, Zhao’s prediction underlines the worsening situation for Amazon resellers caught in the trade war between the US and China.

Back in 2014, Microsoft started accepting digital gold for Xbox purchases. Other companies too have started accepting cryptocurrencies like Bitcoin, Ethereum, Litecoin, Dash, and Monero. This could slowly lead to Jeff Bezos considering cryptocurrencies as a mode of payment.

Amazon has already made movements in the blockchain field. There are reports that the e-commerce firm is planning on launching two products based on Distributed Ledger Technology(DLT) – Amazon Quantum Ledger database and AWS Managed Blockchain.

If Amazon, being the biggest Internet-based company, starts accepting crypto, this would improve adoption rates among many sellers and vendors due to competition and evolution.

Do you think Amazon will adopt crypto? Will this set as a new benchmark for companies on the internet? Let us know your thoughts in the comments section below.

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