Walmart May Launch Its Own Digital Currency, Patent Application Shows
Walmart, the world’s largest wholesale and retail chain, may develop its own digital currency, similar to Facebook’s announced Libra, writes The Block, citing the company’s new patent application..
In the application submitted Patent and Trademark Office USA on Thursday, describes a method of “generating a unit of digital currency by linking it to traditional currency.” Thus, we are talking about a stablecoin pegged to the fiat currency rate..
Digital currency on the blockchain “can be pegged to the US dollar” and is available for use “only at the points of certain retailers or partners”.
As an additional advantage of such a currency, it is mentioned that the costs for low-income households are reduced by transferring the function of processing monetary transactions to “an institution that can meet most of their daily financial and food needs.”.
In addition, Walmart digital currency could become a free or low-cost storage tool. “Digital currency can provide a zero-fee or low-fee storage medium that can be paid at retail locations, for example, and can be easily converted to fiat when needed. Such accounts can even bring interest payments to their owners. “.
“The digital currency can be pegged to a local currency such as the US dollar, making it easy to deposit and withdraw funds. In certain scenarios, the value of a digital currency may be pegged to other digital currencies, “the publication says..
The company also notes that digital currency can eliminate the need to use debit, credit cards or cash, and can also be used when purchasing products..
June saw the launch of a joint project between Walmart and crypto startup VeChain, aimed at ensuring food security using the blockchain.
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