Amazon Is Working on Digital Currency Solutions in Mexico

Amazon Is Working on Digital Currency Solutions in Mexico

31/03/2021 by Koinal
Statements made recently by the mainstream companies regarding the investment in Bitcoin and adoption of digital currencies have excited cryptocurrency users and enthusiasts.
Amazon Is Working on Digital Currency Solutions in Mexico

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After Elon Musk’s company Tesla announced that the company purchased $1.5 billion worth of Bitcoin, Mastercard, one of the most prominent financial services companies, revealed that it would suggest a new system that allows cryptocurrencies to move through its network directly. After these significant moves, Amazon, the commerce giant based in Washington DC, is preparing to launch a new project in Mexico on digital currency for customers to use on its platforms and marketplaces. However, no official announcement has been made by Amazon yet.

A recent job posting calling talents to join its Digital and Emerging Payments (DEP) division revealed the e-commerce company’s pilot project. The job advertisement states that Amazon is looking for a leader to work at our office in Mexico to launch and develop its new payment method. With the new project, its customers will be able to convert fiat currencies (USD, EUR) into digital currencies. Also, its customers will be able to shop with digital currency or take advantage of many Prime Video services. However, in a second job posting, Amazon signaled that the project is planned in developing countries and that there could be more countries following Mexico.

The project is considered to have the potential to trigger a new era in the internet economy. E-commerce and technology giant Amazon had signaled the company’s shifting focus on the digital currency when Andy Jassy was appointed as the new CEO of Amazon after Jeff Bezos. Jassy was known for his interest in blockchain technology and the cryptocurrency sector as he was the CEO of Amazon Web Services. He was trying to develop new payment options. However, it is still unclear if the planned project is related to the existing Amazon Coins project that enables customers to make savings on purchases made via Kindle and Fire devices. The digital coin project has been in use for eight years and is valid in web-based games.  

The cryptocurrency ecosystem attracts a great deal of attention in recent years, and digital currencies seem to be adopted by the mainstream. From FinTech companies to Wall Street’s traditional investment and financial companies, high-profile organizations show an interest in the cryptocurrency sector. Amazon’s move to launch a digital currency project can be considered as a step in this trend. This development will likely contribute to the adoption and investment of digital currencies.  

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