This Week in Crypto: Walmart Signals Libra-like Stablecoin
This Week in Crypto – August 2, 2019
The IRS is cracking down on cryptocurrency taxes, Walmart has applied for a cryptocurrency patent similar to the Libra token by Facebook, and the CFTC has not yet approved LedgerX to launch physical bitcoin futures. All this and more from This Week in Crypto, August 2, 2019.
In it’s U.S. patent application, Walmart hinted at creating a USD-pegged stablecoin, similar to the Libra cryptocurrency proposed by Facebook. The filing suggests that the proposed coin could help provide financial services for those with limited access to banking.
In the application, Walmart says “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”
The patent also suggests other uses for the token, including; use within the Walmart ecosystem, storing customer purchase histories on the blockchain, and then applying savings to future purchases in a similar way to loyalty points, restrict what product categories can be bought and by whom, such as blocking age restricted products for minors, and unlike Libra, the ability to earn interest.
There is much speculation on the stablecoin, which is described more closely to a blockchain on a centralized database than that of a common decentralized blockchain such as Bitcoin and Ethereum.