The largest US retail chain Walmart is going to release its cryptocurrency
Retail giant Walmart intends to issue its own cryptocurrency, which should become a competitor to Libra from Facebook, the portal Cryptobtcmining.com reports.
Cryptocurrency reaches Walmart
About the plans of the retail giant from the United States says a fresh patent called "System and method of using digital currency through the blockchain."
The description of the application directly tells us that Walmart plans to create a classic stablecoin: each token of the future cryptocurrency will be tied to one unit of fiat currency. Cryptocurrency will work on the blockchain, but what it will be is not specified. Probably, this is a company-controlled system, and not a free registry like bitcoin.
Users will be able to buy and spend future cryptocurrency, but all scenarios for its use have not yet been disclosed. Moreover, Walmart promises transactions with no commission or low interest. Using cryptocurrency, users will also be able to open accounts at Walmart's partner companies, and money will be stored without additional fees.
The application contains two possible models of the future cryptocurrency:
▪ First scenario: the digital currency will be pegged exclusively to the dollar, which will allow it to be used all over the world due to pegging to a reliable fiat currency;
▪ Second scenario: the cryptocurrency will be tied to other digital currencies, such as bitcoin, ether, etc. Options for using such a currency are not specified in the application.
Corporations Become Digital Banks
I think that already everyone perfectly understands what we have been talking about for several years - there will be everything in the crypt, this is not discussed anymore. Only recently have Facebook, Verizon, and now Walmart, announced the development of their digital currencies. These three giants are already making a huge step for the entire industry, and further their number will only grow.
Another logical question arises - how can the US authorities stop this train, which is rapidly rushing towards the traditional economy? No way. The only thing they can is to join the game by issuing their cryptocurrency, or by choosing a scenario for interacting with significant ones.
It's too early to say that the dollar is living out its last days: judge for yourself - all these cryptocurrencies from the largest companies will be tied to it, on which their concept is built. It may take decades to completely abandon Fiat, but we have already moved in this direction! Soon, similar initiatives should be expected in Russia: we are waiting for Auchan Coin, Pyaterochka Coin, etc.
