This Recent Move by Amazon Could Be a Game-Changer for Crypto
The European Central Bank (ECB), just like dozens of other central banks around the world, is working on the rollout of a central bank digital currency (CBDC) that will replace traditional cash. As part of the prototype phase of this rollout, the ECB announced that e-commerce powerhouse Amazon (NASDAQ: AMZN) would be one of just five participants in the next phase of the trial.
Amazon will be tasked with finding out how a European digital currency might be used for e-commerce. Basically, instead of paying for your Amazon purchases in Germany, Spain, or France with euros, you'd be paying with a digital currency created by the ECB. While the ECB won't make a final decision on whether to move forward with a CBDC launch until 2023, this is the type of development that could eventually be a game-changer for popular cryptos most commonly used for online payments, especially Bitcoin (CRYPTO: BTC).
Amazon's trial of the CBDC will be handled by its Amazon Payments division. Presumably, the trial will focus on issues like safety, security, and ease of use. The ECB has said that it wants to learn more about the types of real-world user interfaces that can be used with its digital currency. For example, in the case of Amazon, if you put an item in your Amazon shopping cart and proceed to checkout, the ECB doesn't want you to freak out when you are asked to pay with a digital currency you may not recognize or understand.
Source Fool.com
