Amazon is currently working on its own cryptocurrency. Still at the development stage, this digital currency should allow clients of Jeff Bezos' firm to make purchases without going through a fiat currency, such as the euro or the dollar. Initially, this virtual currency alternative to Bitcoin would be reserved for developing countries, including Mexico.
A few days ago, a job offer for a software development manager position was posted on Amazon Jobs, the site that lists all the American giant's offers. Amazon is also looking for an engineer specializing in digital payment methods. As CoinDesk notes, everything suggests that Amazon is about to launch its own cryptocurrency , an alternative to the famous Bitcoin and Ethereum . Likewise, Facebook is currently working on Diem , a stablecoin.
In the descriptions of the announcements, the firm explains that it wants to “compose a technical team in order to create innovative payment solutions for customers in emerging markets” . Amazon cites Brazil, Australia and Singapore in particular.
WHAT FUTURE FOR AMAZON COINS?
But initially, Amazon's Digital and Emerging Payments (DEP) division will offer this alternative payment service in Mexico . It's no wonder that Amazon is reserving its cryptocurrency project first for developing countries. Many emerging nations are suffering from hyperinflation of their national currencies. For example, the Mexican pesos has experienced a sharp depreciation since the Covid-19 crisis (-40%). In these countries where the value of the national currency is collapsing, cryptocurrencies, and in particular Bitcoin, are extremely popular. Very often, the mother of cryptocurrencies acts as a store of value, like gold.
“ This product will allow customers to convert their cash into cryptocurrency, then they can take advantage of online services, including purchasing goods and / or services like Prime Video,” explains Amazon's job posting. Concretely, Mexican Internet users will be able to buy goods or services without going through the Mexican pesos , which is strongly devalued.
For now, it is not known whether this mysterious project is closely or remotely related to Amazon Coins , this digital currency that allows you to obtain discounts on your purchases on the e-commerce site. Since 2013, Amazon offers its customers to buy Amazon Coins (100 coins = 1 euro) on its site to do their shopping. Will the American giant give a second breath of life to its Coins? We'll tell you more as soon as possible. While waiting for more information, feel free to give your opinion in the comments below.
Source / CoinDesk