on the crypto
After the heated controversy that characterized the publication of the Libra White Paper, now politics seems destined to wonder also about the possible arrival of one cryptocurrency issued by Wallmart. In fact, in the last few days rumors have returned to circulate about the issue of a direct stablecoin issued by the US distribution giant, raising a series of questions precisely in relation to its coexistence with the creation of Facebook, on which the darts of a large part of the institutional world not only in the States.
It could weigh the favor of the Democrats
According to the political analyst Jaret Seiberg, if Walmart finally decided to launch a virtual currency by openly opposing it to Libra, it could find considerable support within the political world. In particular among that part of the Democrats who made the barricades in front of Libra, starting from Maxine Waters, the President of the Commission on financial services, and however aware that many people currently cut off from the financial system have a strong need to find inclusion tools. A role that could be precisely fulfilled by the possible Walmart Coin.
Why is the hypothesis of less concern?
Of course, faced with a different welcome, a specific question should be asked about the reasons for it in the face of the real barrage that has instead welcomed Libra.
However, the answer seems easy enough: Walmart's cryptocurrency would not have the too ambitious goals that were expressed by the White Paper issued by the working group engaged by Facebook for its virtual currency. Seiberg himself has indeed stated that Walmart's stablecoin could be very similar to a refillable gift card, with consumers called to pay dollars into Walmart's checkouts, receiving as a counterpart a credit that can be spent in the group's stores, especially for groceries.
The threat is for small banks
If Walmart's plan seems to be less worrying about politics, not having Libra's global vision, small banks would have to worry about his advent, which however do not have the weight to be able to stand sideways.
A concern that however seems small compared to those that have also been raised in terms of privacy by Libra, a direct consequence of the scandals that have characterized Facebook's life over the past few years. Also also from a monetary point of view Walmart does not seem to aim to build a real alternative system to the US one, another great fear which has unified the stars and stripes policy in recent weeks. The report just presented at the United States Patent and Trademark Office, entitled System and Method for Digital Currency Via Blockchain, clearly states that the stablecoin would be pegged to the dollar and not to a basket of foreign currencies. A way of presenting oneself to political and financial institutions that seems destined to pave the way for Walmart, unlike what is happening for Libra.
