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Walmart plans cryptocurrency and blows up a large-scale attack on banks

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Walmart states in the application that the digital currency is suitable for customers as a cost-effective store of value that can be exchanged for cash at the Group’s stores or at certain business partners. Eventually, customers could even be credited with interest on their digital currency balances.

In addition, the digital currency could potentially be further developed to be redeemable everywhere. The connection to the US dollar should ensure that payments and disbursements are as straightforward as possible. At a later date, the digital currency may be linked to other fiat currencies or digital currencies.

The corresponding patent application number 20190236564, named “System for a blockchain digital currency”, was officially published by the US Patent Office on August 1. Similar to Libra, Walmart’s own cryptocurrency should be linked to an external fiat currency, in this case, the US dollar, in order to ensure value stability.

The basic features of the planned digital currency will be summarized in the application as follows and prove that it is actually a kind of cryptocurrency:

“One unit of digital currency is tied to a unit of a normal currency; the information of the digital currency is stored in blocks of a blockchain; the digital currency can be bought; with the digital currency can be paid. ” Walmart spokesperson

Walmart is already relying on Blockchain in other areas, for example, the technology is being used to track food along the supply chain, just to name a few examples.

Source: De.cointelegraph.com

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