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Google denies reports that it is considering bitcoin adoption Reuters

Search provider Google denied reports that it was considering exploring ways to incorporate popular digital currency bitcoin into its payments plans.

Leaked emails from top officials at the company earlier revealed that Google was considering such an option.

In an email to Jarar Malik, a developer at bitcoin classifieds site CoinList.me, a senior official at Google said the internet giant is considering bitcoin payment option in Google Wallet.

"We are working in the payments team to figure out how to incorporate bitcoin into our plans," Sridhar Ramaswamy, senior vice president of ads and commerce at Google, wrote in the email.

As the email became popular on Reddit, Google denied the reports.

"As we continue to work on Google Wallet, we're grateful for a very wide range of suggestions. While we're keen to actively engage with Wallet users to help inform and shape the product, there's no change to our position: we have no current plans regarding Bitcoin," a Google spokesperson told CoinDesk, a provider of news about digital currencies.

Bitcoin Adoption

Bitcoin was launched in 2008 and is traded within a global network of computers. They can be transferred without going through banks or clearing houses, reducing fees involved in the services significantly.

It has steadily been gaining in popularity despite the volatility in its value. The virtual currency exists as software and is not backed by any country or banking authority.

The digital currency's value plummeted to as low as $640 after China's central bank barred the country's banks and third-party payment processors from dealing in bitcoin.

In addition, regulatory bodies in the US, Europe and India warned consumers about the risks of virtual currencies in light of the currency's growing popularity and usage.

Despite regulatory hurdles, a growing number of well known businesses have made announcements about accepting the cryptocurrency for payments. The companies include US online retailer Overstock.com and gaming company Zynga.

Popular online makertplace eBay earlier said bitcoin traders can buy and sell the digital currency on its classifieds site, declaring that it is bitcoin friendly.

In addition, PayPal president David Marcus tweeted that he is a "huge believer in bitcoin".

Bitcoin Google