Walmart Cryptocurrency: Facebook Libra’s Acceptance Sidelined For a While

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A senior policy analyst at one of the leading investment banking corporations, Gowen, named Jaret Seiberg, has revealed in a recent interview that the Cryptocurrency of Walmart might not face the type of backlash that Facebook’s Libra has received from the US regulators. Earlier, Walmart has announced that the company had applied for a Cryptocurrency patent in an application filed with the United States Patent and Trademark Office (USPTO). The retailer has shown certain plans to implement a blockchain-based payment system. The patent application was filed on the 1st of August and was titled System and Method for Digital Currency via the Blockchain. The application explains the working of the product under development. The application states:

The Cryptocurrency would be designed to provide a free-free or free-minimal place to store wealth for shoppers to shop on the Walmart store. Walmart already plays a huge part in money services in the United States as the company operates a considerable part of the financial services of the MoneyGram network. The company also provides services like PayPal through numerous ATMs all across their network of stores. Many people have started comparing it to Facebook’s Libra Cryptocurrency. However, the Crypto enthusiasts have been pointing out the hypocrisy of the government and the financial institutions, quoting a post by Brian Cohen as an example where he points out that Walmart’s plan has not even received the slightest of criticism from anyone while Facebook’s Libra underwent serious criticisms.

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On the 5th of August report, Seiberg has explained that both the Cryptocurrencies are different due to the fact that they are targeting two different types of demographics whatsoever. Libra is intended for disruption on a local level while Walmart as a brand is planning to use the system as a retailer the only system. He said that the only advantage that Walmart has with its Cryptocurrency is that it can be a game-changer for some demographic legislature where there are people who do not use banks for regular transactions. However, he has pointed out that the currency may face regulatory hang-ups and might not get automatic approval from the Congress as many people are expecting it to get. He said that the Congress can label the coin as a threat to the smaller banks and credit unions thus not giving it preliminary approval. Nevertheless, he believes that Congress will give its approval in the longer run.

He has also revealed some plans for the Cryptocurrency, saying that it will not be a Cryptocurrency to its full extent possible. It will be pegged to the United States dollar (USD) and will act as a rechargeable gift card. He said that Walmart plans to use the token just like a gift card as the consumers will give cash to Walmart to get Walmart Coin in their digital wallets. The project is slated to launch in a few years and is still under development and the final details are expected to hit the internet by the end of this year.

Source: BlockPublisher


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