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posted by Fnord666 on Friday August 09 2019, @05:41AM   Printer-friendly
from the wallycoins dept.

Submitted via IRC for takyon

Wal-Mart Signals Interest in Developing its Own Cryptocurrency

Wal-Mart (NYSE:WMT)[*] is planning on creating its own cryptocurrency, according to an application filed with the United States Patent and Trademark Office.

In the patent filing, Wal-Mart explained that its proposed cryptocurrency will be a stablecoin pegged to the US dollar and will be used to help low-income individuals that cannot qualify for traditional credit cards or other lines of credit get in-house financing from Wal-Mart:

"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 digital currency may be pegged to the US dollar and available for use only at selected retailors or partners. In other embodiments, the digital currency is available for use anywhere. The digital currency can provide a fee-free, or fee-minimal place to store wealth that can be spent, for example, at retailers and, if needed, easily converted to cash."

Wal-Mart also suggested that the currency could be used to distribute welfare subsidies or other forms of aid, and highlighted the currency's ability to restrict or segment purchases:

"As an example of the set of rules, for example, in government assistance and dependent care, a government-assistance restricted currency may be good for food or even certain types of food but not alcohol or cigarettes."

[...] For its part, Wal-Mart says it doesn't have a timeline for development and rolling out its cryptocurrency. Likely the company is looking to see how Libra is received by the market — and regulators.

[*] The link given in the story: https://www.google.com/finance?q=NYSE:WMT is problematic for some people. It should redirect you to: https://finance.yahoo.com/quote/WMT/. --martyb]


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  • (Score: 5, Insightful) by AthanasiusKircher on Friday August 09 2019, @06:48AM (7 children)

    by AthanasiusKircher (5291) on Friday August 09 2019, @06:48AM (#877795) Journal

    They already do. They're called "gift cards." They're meant to force you to shop at a particular store, as that's the only way you can use that "money."

    We're regressing -- for the past century and a bit more there was a unique move toward standardization unlike perhaps ever seen before in history. Many companies realized that by cooperating and using standards, we could all grow better together. Standard payment methods and pricing was one element of that.

    Now it's a mad rush toward segregation and walls (no, that's not a bad pun). Many businesses used to operate private credit accounts for customers, which were useful in both getting loyal customers and retaining them. Private currencies are a move back in that direction, but at the expense of customer freedom.

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  • (Score: 3, Interesting) by FatPhil on Friday August 09 2019, @07:21AM (4 children)

    by FatPhil (863) <pc-soylentNO@SPAMasdf.fi> on Friday August 09 2019, @07:21AM (#877803) Homepage
    Oi! A decade ago I didn't, but now I do, have a tab at muy local pub. I consider this loyalty scheme progress! (Except when it reach Norm-like proportions occasionally.)
    --
    Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
    • (Score: 2) by c0lo on Friday August 09 2019, @08:13AM (3 children)

      by c0lo (156) Subscriber Badge on Friday August 09 2019, @08:13AM (#877815) Journal

      Imbalance between paycheck and ability to metabolise alcohol detected.

      --
      https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
      • (Score: 3, Touché) by FatPhil on Friday August 09 2019, @11:00AM (2 children)

        by FatPhil (863) <pc-soylentNO@SPAMasdf.fi> on Friday August 09 2019, @11:00AM (#877840) Homepage
        Is something lying down horizontally "imbalanced"?
        --
        Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
        • (Score: 2) by c0lo on Friday August 09 2019, @11:52AM (1 child)

          by c0lo (156) Subscriber Badge on Friday August 09 2019, @11:52AM (#877854) Journal

          To be pedantic, what exactly is lying down: the paycheck or the alcohol metabolizer?

          --
          https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
          • (Score: 2) by FatPhil on Friday August 09 2019, @07:54PM

            by FatPhil (863) <pc-soylentNO@SPAMasdf.fi> on Friday August 09 2019, @07:54PM (#878008) Homepage
            That's for me to know, and for you to find out.

            And if I've been counting correctly, it's your round...
            --
            Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
  • (Score: 2, Insightful) by Anonymous Coward on Friday August 09 2019, @10:59AM

    by Anonymous Coward on Friday August 09 2019, @10:59AM (#877839)

    for the past century and a bit more there was a unique move toward standardization

    That's a funny way to spell 'centralization'.

  • (Score: 0) by Anonymous Coward on Friday August 09 2019, @01:50PM

    by Anonymous Coward on Friday August 09 2019, @01:50PM (#877893)

    Coles Australia is a master at this.