Retail giant Walmart is set to release its own cryptocurrency , which should become Libra's competitor from Facebook, according to the portal Cryptobtcmining.com .
Cryptocurrency reached Walmart
The plans of the retail giant from the United States said a recent patent called "The 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 steablocoin : each token of a future cryptocurrency will be tied to one unit of fiat currency. The cryptocurrency will work on the blockchain , but what it will be is not specified. Probably, we are talking about the system controlled by the company, and not a free registry like Bitcoin.
Users will be able to buy and spend the future cryptocurrency, but all scenarios for its use have not yet been disclosed. Moreover, Walmart promises no-commission or low-interest transactions. Using cryptocurrency, users will also be able to open accounts with Walmart partner companies, and the money will be deposited without additional fees.
The application contains two possible models of the future cryptocurrency :
- The first scenario: the digital currency will be pegged exclusively to the dollar, which will allow it to be used throughout the world due to binding to a reliable fiat currency;
- The second scenario: the cryptocurrency will be linked to other digital currencies, such as Bitcoin, broadcast, etc. Options for the use of such currency is not specified in the application.
Corporations become digital banks
I think everyone already understands what we have been talking about for several years already – everything will be in the crypt, this is no longer discussed. Only recently, Facebook , Verizon , and now Walmart have reported on the development of their digital currencies. These three giants are already making a huge step for the entire industry, and then their number will only grow.
Another logical question arises – how will the US authorities be able to stop this train, which is rapidly moving towards the traditional economy? No The only thing they can do is to join the game, releasing their cryptocurrency, or by choosing a scenario of interaction with the essential ones.
It’s too early to say that the dollar is living out the 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.
Publication date 08/03/2019
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