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Amazon plans to launch its Digital Currency Project in Mexico

Amazon plans to launch its Digital Currency Project in Mexico

Amazon, the e-commerce giant, is planning to launch a digital currency project in Mexico. The latest payment product will allow consumers to transform their cash into digital currency. Users can pay for services like Prime Video or on its flagship e-commerce online shopping site. However, Amazon has not made an official declaration on the project. Still, the judgment was driven from its latest job posting on the company to hire a software development manager on launching the product.

Amazon listed the job in October 2020, yet it has recently been updated. The recruits will operate for Amazon’s Digital and Emerging Payments (DEP) division. Amazon has previously launched Amazon Coins to access products on the Appstore, like boosters, gems, and power-ups. Apart from designing a game token, Amazon’s move to formulate a digital currency will be necessary, with digital payments on the surge owing to the COVID-19 pandemic.

Amazon’s Jeff Bezos steps down as CEO

Currently, Amazon declared that Jeff Bezos is stepping down as its CEO. Amazon Web Services CEO, Andy Jassy will replace Bezos. Jassy is presently managing its cloud computing subsidiary, Amazon Web Services (AWS). Jassy will hold the post as the leader of Amazon through Q3. Rather than developing an Amazon blockchain, Jassy suggested building the Amazon Quantum Ledger Database.

Similar to blockchains, the network demands immutability, transparency, and cryptographic security. Although contrary to blockchains, it depends on a central trusted authority. Jassy’s position as the CEO of one of the world’s most significant companies in the upcoming times might inspire other companies to combine cryptocurrency payments in their networks.

However, Amazon has not experimented with crypto payments or rendered that option like PayPal. A move in that direction may not be distant, as various companies are exploring cryptocurrencies. Earlier, PayPal had started cryptocurrency payments. On its application, users can leverage Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. PayPal’s CEO Dan Schulman had announced that the launch of cryptocurrency services on the payments platform would support the adoption of digital currencies. 

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