Wal-Mart Signals Interest in Developing its Own Cryptocurrency
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Wal-Mart Signals Interest in Developing its Own Cryptocurrency
Wal-Mart (NYSE:WMT)[*] is planning on creating its own cryptocurrency, according to an application filed with the United States Patent and Trademark Office.
In the patent filing, Wal-Mart explained that its proposed cryptocurrency will be a stablecoin pegged to the US dollar and will be used to help low-income individuals that cannot qualify for traditional credit cards or other lines of credit get in-house financing from Wal-Mart:
"Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs. 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."
Wal-Mart also suggested that the currency could be used to distribute welfare subsidies or other forms of aid, and highlighted the currency's ability to restrict or segment purchases:
"As an example of the set of rules, for example, in government assistance and dependent care, a government-assistance restricted currency may be good for food or even certain types of food but not alcohol or cigarettes."
[...] For its part, Wal-Mart says it doesn't have a timeline for development and rolling out its cryptocurrency. Likely the company is looking to see how Libra is received by the market - and regulators.
[*] The link given in the story: https://www.google.com/finance?q=NYSE:WMT is problematic for some people. It should redirect you to: https://finance.yahoo.com/quote/WMT/. --martyb]
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