A new patent application indicates that US retail giant Walmart may be developing its own digital currency, which is similar to Facebook’s cryptocurrency Libra.
In its application to U.S. Pat. Walmart calls the concept of a digital currency “bound to a regular currency” – what is generally known as Stablecoin – Patent and Trademark Office. Libra will be a token tied to a basket of paper currencies and government bonds, Facebook said.
In addition, the submission indicates that the proposed coin could help finance the access of persons with limited access to banking services – one of the main demands that Facebook has placed on Libra, most likely in an effort to engage the public (and the public) Regulators) via the token.
“With a digital currency, low-income households that find banking expensive can have an alternative way of managing assets at an institution that can cover most of their daily financial and product needs,” says Walmart.
Facebook’s offer is expected to create a system where its social media platforms can use Libra for payments, allowing advertisers to earn Libra and pay for Facebook in tokens. Although it could also be widely used in remittances and other applications.
Walmart’s submission also indicates that the coin might have characteristics that are consistent with a token used in the ecosystem of a high-traffic trading company:
“The digital currency can be pegged to the US dollar and is only available to select retailers or partners. In other embodiments, the digital currency is available for use everywhere. The digital currency may be a toll-free or toll-free location to store assets, e.g. can be issued in retail outlets and easily converted into cash if needed. “