BEZOS BUCKS

Amazon ‘secretly creating virtual currency to rival Bitcoin’ for private online shopping

AMAZON is working on a new virtual currency that users could spend on its platforms.

This is according to job adverts that the company has put out for its 'Digital and Emerging Payments (DEP)' division.

The adverts reveal that Amazon is in the process of developing a system which lets customers “convert their cash into digital currency”.

It indicates that the virtual money could be used for shopping as well as services like Prime Video.

According to, the job adverts have now been removed.

However, this didn't stop reporters revealing that the project intends to launch first in Mexico.

If the virtual money proves popular it might be expanded to other markets.

The whole project is shrouded in secrecy and Amazon has not made a public comment on the proposed digital currency system.

This means details will likely remain pretty scarce until Amazon wants to reveal more.

The news follows Elon Musk's Tesla announcing a $1.5billion investment in Bitcoin.

Bitcoin is said to be the world's most famous cryptocurrency and is increasingly growing in popularity.

Facebook has also been working on its own digital payment system since around 2019.

Bitcoin got you baffled? Here's what you really need to know

Bitcoin is a virtual currency
It's traded between people without the help of a bank
Every transaction is recorded in a public ledger, or 'blockchain'
Bitcoin is created by mining
Mining involves solving difficult maths problems using computer processors
Bitcoin can be traded anonymously, which makes it a popular way of funding illegal activities
A single Bitcoin is worth just under £5,000 today, but the value fluctuates wildly
Bitcoin is one of many different cryptocurrencies, but by far the most popular

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