Retail giant WalMart is also preparing to launch its own virtual currency
Earlier, Facebook released a virtual currency project called Libra, which immediately attracted the attention of global central banks and regulatory agencies. In fact, almost all regulators have a resistance to the Libra project because of the potential financial risks of money laundering and tax evasion. Facebook has also said that it will not be launched until it is approved by the regulatory body, but how to get approval from the regulatory body is also a difficult problem.
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Following the Facebook, global retail giant WalMart also applied for virtual currency patents. From the patent point of view, there are many similarities with Facebook’s Libra project. For example, patent documents show that WalMart virtual currency is also bundled with conventional currency, and the so-called regular currency bundle is linked to the stable version. The virtual currency thus issued is actually a centralized currency, which has little to do with the virtual currency such as Bitcoin and Ethereum. Facebook’s Libra project is designed to make it easier for merchants and users to conduct cross-border transactions, but WalMart’s virtual currency project seems to be more focused on financial services.
“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,” Walmart states.
WalMart aims to provide blockchain-based accounts for all users, and people can either raise funds on this account or save on them. In terms of cross-border transactions, Wal-Mart’s idea is the same as Facebook Libra, which allows users to pay in other countries through a single virtual currency. However, WalMart’s ideas are basically not much different from those of bank printing, so WalMart’s virtual currency is bound to attract the attention of regulators.
Via: coindesk
