Bloomberg: Walmart’s Crypto May Get Green Light Unlike Libra

Libra Coin News
Tue, 08/06/2019 - 10:16
Yuri Molchan
An analytical firm Cowen believes that the Walmart Coin that the supermarket chain has recently filed a patent for will face fewer hindrances from regulators
Cover image via U.Today
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In a recent article, Bloomberg reports that Cowen, a financial services firm, reckons that the crypto coin the Walmart supermarket chain has recently filed a patent for will get a much warmer receipt from regulators and banks than Libra that the ‘Walmart Coin’ has numerous similarities with.

Democrats seek alternatives for the unbanked

Analysts at Cowen say that the Democratic Party of the US Congress is currently in search of ways to let the unbanked people join the current global financial system, avoiding banks.

On Monday, a Cowen analyst Jaret Seiberg issued a note to the firm’s customers, saying that the so-called Walmart Coin does not share the global ambitions of Libra, its rival that Facebook started working on much earlier. 

For this reason, the new token, backed by the USD and meant for spending at Walmart and its retail partners, for keeping loyalty points, restricting underage teenagers from buying tobacco and alcohol, could receive a much warmer welcome, rather than Libra that allegedly threats the current financial system.

Besides, the launch of the new asset is not expected soon – recently, a spokesperson for Walmart stated that the retail giant is not in a rush to kick off the coin.

Permission is likely to be granted

Seiberg also mentioned that since the Walmart Coin would be very similar to a gift card that can be recharged – it would be given to customers in stores in exchange for their cash – there will be hardly any restrictions from regulators or hearings in the US Congress that are taking place regarding Libra at the moment.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.