A leading policy analyst believes that Walmart’s cryptocurrency project would have an easier time with regulators and lawmakers than Facebook’s Libra.
Jaret Seiberg on the Topic
Jaret Seiberg, the head policy analyst of investment banking firm Cowen, explained in a Bloomberg interview that the retail giant’s crypto project might be more appealing to Democratic council members who are anxious to find an alternative financial base for people who don’t use banks on a regular basis.
Seiberg also suggested that Walmart and Libra’s contrasting approaches to cryptocurrency could be a factor in how regulators view them. The social media giant’s Libra project has a more global intent, something that doesn’t seem to interest Walmart.
It doesn’t mean that Walmart’s proposed digital currency will automatically get approved by Congress. But Seiberg claimed that the retail firm’s coin might not be considered as a threat to credit unions or small banks.
The analyst is confident that the country’s legislative body would ultimately give its blessing to Walmart’s project.
Details are still unclear, but Walmart’s reported digital currency might work similarly to a stored-value card that can be recharged with dollars.
Report from Bloomberg
A Bloomberg report revealed that Walmart doesn’t have any plans to launch its cryptocurrency any time soon. A spokesperson for the company reportedly said that the company is taking things slowly with its recently filed patent.
Walmart has reportedly filed a patent that would introduce a “System and Method for Digital Currency via Blockchain. The patent was said to have been filed at the start of August and allegedly for a fiat-backed stablecoin.