Amazon plans to launch a digital currency project in Mexico

Few days after Tesla bought Bitcoin worth $1.5 billion, Amazon reportedly plans to launch a crypto-based project in Mexico, which will further expand to other emerging markets in the future. The company initially bought three crypto-related domains in 2017—amazoncryptocurrencies.com, amazoncryptocurrency.com, and amazonethereum.com—raising speculations about its interest in cryptocurrency.

Although the project has not been announced officially, the job posting suggests that Amazon wants to offer bonafide customers different payment options on its platform. The new payment solution will involve “Digital and Emerging Payments (DEP),” as the company tags it in the job post:

“We are looking for a leader who is conversant with native AWS technologies for the design of new systems to help us launch a new payment product starting with Mexico as our initial launch country. The product will enable customers to convert cash to digital currencies and use them to make purchases online.

Prior to the job posting, Amazon announced that its founder, Jeff Bezos, is due to leave office, and Jassy Andy will become the new CEO.

Amazon project would go beyond Mexico

The job posting also suggests that the project would go beyond Mexico, but the type of digital asset needed for the project was unspecified. And it is unlikely that Amazon will use popular crypto-assets like Bitcoin and Ethereum—but a new digital asset—a proprietary project similar to Facebook’s Diem.

Irrespective of the company’s support for Fiat, observers believe that it is only a matter of time before it finally embraces Bitcoin and other cryptocurrencies. There have been speculations over the years about Amazon’s ability to influence the crypto market—if it makes an entry into the industry—but it seems the company is just coming out to, specifically, state its intentions for cryptocurrencies. Other big companies like MasterCard and Tesla also announced plans to allow customers use cryptocurrencies for online purchases.