Walmart Files For Potential Rival to Facebook’s Libra

Walmart Files For Potential Rival to Facebook’s Libra

It’s not unusual for new technologies to be met with controversy when first announced. Look at the internet for example, when it first came out, a lot of people were concerned about what it would mean for the future of the world…

Bitcoin came out ten years ago, and since then we’ve seen thousands of more cryptocurrencies enter the space with the hope to either make it big or make a difference. 

Libra is one such cryptocurrency.

Walmart

The retail massive Walmart has just filed for a cryptocurrency that shares several similarities with the upcoming stablecoin from Facebook Libra.

One application published by the United States Patent and Trademark Office, Walmart's cryptocurrency would be “tied to regular currency,” which would make it a stablecoin like we previously mentioned. The social network’s upcoming project is allegedly going to be backed by a basket of fiat currencies and government Treasury bonds.

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The multinational firm’s filing highlights that cryptocurrency could help provide financial services to those with limited access to them in the traditional system, a claim similar to the one Facebook has been making.

Walmart’s patent nodes that with the cryptocurrency “low-income households that find banking expensive” could have an alternative way to “handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”

As reported by CryptoGlobe:

“It’s believed Facebook’s Libra will be implemented on the company’s social media platforms – Facebook, Instagram, and WhatsApp – to allow users to send and receive payments in the cryptocurrency. Advertisers could also end up having to pay the company in the crypto for ads.”

The patent from Walmart also suggests the stablecoin will be usable at its stores.

“The digital currency may be pegged to the US dollar and available for use only at selected retailors or partners. In other embodiments, the digital currency is available for use anywhere. The digital currency can provide a fee-free, or fee-minimal place to store wealth that can be spent, for example, at retailers and, if needed, easily converted to cash.”

Nevertheless, there are differences between Libra and a potential Walmart cryptocurrency. Given the patent means that users could earn interest with the token which could supposedly also store its users buying histories on the blockchain to help them receive savings opportunities.

“Other features Walmart’s cryptocurrency could also include the ability to restrict certain users from buying certain products. A potential use case would be to stop minors from buying cigarettes or alcohol with the cryptocurrency.”

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