Jarret Seiberg, senior policy analyst at investment bank firm Cowen, said Wal-Mart's proposed digital currency should not face as much regulatory resistance as Facebook's proposed digital currency Libra.
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As Bloomberg reported on August 5, Seiberg added that Wal-Mart's cryptocurrency may be demographically attractive to Democrats, who are eager to find another financial basis for those who don't use the bank often. facility.
According to Seiberg, Libra and Wal-Mart's cryptocurrency proposals differ in size. Seiberg commented that Facebook has global intent, which seems to be different from Wal-Mart.
Possible regulatory challenges
However, Seiberg pointed out that Wal-Mart's proposal is unlikely to be automatically approved by Congress. He pointed out that, for example, Wal-Mart's currency may be seen as a threat to small banks and credit unions. However, Seiberg believes that Congress will eventually approve Wal-Mart's proposal.
Regarding the details of the currency proposed by Wal-Mart, Seiberg agreed in a letter to the client that the currency may appear in the form of a dollar-linked gift card, a bit like a rechargeable gift card.
Bloomberg reported that Wal-Mart will not introduce cryptocurrency in the near future. According to reports, a Wal-Mart spokesman said on Friday that the company does not intend to immediately use its newly applied patents.
Wal-Mart's digital currency patent
As previously reported, Wal-Mart filed a patent on August 1st for "Systems and Methods for Implementing Digital Money Through Blockchains." As stated in the patent, Wal-Mart appears to be applying for a stable currency linked to fiat currencies, as described below:
“Generate a digital currency unit by linking a digital currency unit to a conventional currency; store information in a digital currency unit in a blockchain block; buy or pay for a digital currency unit.”