Walmart Will Launch its Own Stablecoin Forget Facebook Libra Coin
After Facebook Libra cryptocurrency hype, the E-commerce giant Walmart files a new patent for a stablecoin that is pegged by US dollar.
U.S Patent and Trademark Office (USPTO) published a document patent filing number 20190236564, “System and Method for Digital Currency via Blockchain,” on 1 August. The document further explains:
“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.”
Walmart explains in the document that the cryptocurrency project will provide a zero or very less fee place for users to store their wealth. The coins can be easily redeemed and converted to cash at some specified stores.
The digital currency can be spent anywhere if other stores start accepting the coins. The cryptocurrency could be pegged by other famous crypto coins also in future.
Walmart Crypto Bank For the Poor
Walmart poses in the filing that the launch of its own cryptocurrency will provide a solution for low-income households that can’t afford the expensive banking service, adding “an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”
Walmart “blockchain-protected digital currency” could remove the use-case of banking debit and credit cards:
“The digital currency may act as a pre-approved biometric […] credit. A person is the ‘credit card’ to their own digital value bank.”
The Walmart stablecoin further could be used to buy and sell products or services. Users can hire a technician or can buy products in shopping malls using the cryptocurrency product.
Facebook cryptocurrency project Libra has the same goals to provides low fee cross-border transfer but the project has faced so many regulatory problems.
