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.