Altcoin News: The World’s Largest Wholesale and Retail Network Walmart May Issue Its Own Digital Currency

August 2, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The world’s largest wholesale and retail network Walmart may develop its own digital currency, similar to Facebook’s Libra, a new company’s patent application shows.

The application submitted by the United States Patent and Trademark Office on Thursday describes the method of “generating one digital currency unit by tying the one digital currency unit to a regular currency”. Thus, we are talking about a fiat-pegged stablecoin.

The digital currency on the blockchain “may be pegged to the US dollar” and is available for use “only at selected retailers or partners.”

As an additional benefit of such a currency, cost reduction is mentioned for low-income households by transferring the cash transaction processing function to “handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”

In addition, Walmart digital currency can be a free or low-cost tool for storing funds.

“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. Such accounts could even earn interest.” It goes on to add: “Digital currency may be tied to a national currency, such as the US dollar, so funds can be added or taken out easily. The digital currency value could, in some embodiment, be tied to other digital currencies.”

The company also draws attention to the fact that digital currency can eliminate the need to use debit, credit cards or cash, as well as apply when buying products.

In June, a joint project of Walmart and a crypto startup VeChain aimed at ensuring food security with the help of the blockchain took place.

Author: Marko Vidrih