Walmart Stablecoin Have More Chances to Get a Green Signal from Regulators
Experts believe that Walmart stablecoin (cryptocurrency project) have more chances to get a green signal from regulators. A senior policy analyst at investment banking corporation Cowen, Jaret Seiberg said that Walmart stablecoin should not face as many regulatory issues as Libra, Facebook’s cryptocurrency project.
As reported by Bloomberg, Seiberg added that Walmart crypto coin is looking to solve some demographic problems where people are unable to use the banking services.
According to Seiberg, there is a basic difference between Libra and Walmart stablecoin. He said that Facebook is looking to cover the global financial market whereas Walmart is looking for some specific regions.
Possible Regulatory Problems
Seiberg further added that Walmart cryptocurrency project will not get instant approval from congress. Walmart coin could be viewed as a threat to small banks and credit unions. However, Seiberg believes that regulators will give a green signal to Walmart stablecoin.
Walmart has not released any official document about its cryptocurrency project, just a patent filing for its cryptocurrency project that states:
“Generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain; buying or paying the one digital currency unit.”
Seiberg wrote to its clients that the Walmart cryptocurrency will come in a form of stored-value card that is pegged to U.S dollar.
Bloomberg reports that Walmart is not having any plans to launch its cryptocurrency in the near future. A Walmart spokesperson said on Friday that it is not planning to immediately take advantage of its newly-filed patent.
