Following Facebook, US retail giant Walmart also filed a patent application to issue its own cryptocurrency.
According to the Cointelegraph, the application filed by the US Patent and Trademark Office under number 20190236564 is called the System System and Method for Digital Money on Block Chains. "
The application "Create digital currency based on normal currency; It specifies a method for storing data in this digital currency in a blockchain and for purchasing or paying with the digital currency.
With the digital money project proposed in the Walmart application document, consumers will be able to save value at very low cost or free of charge. Consumers will also be able to earn money in digital money from Walmart project partners and select retailers. There may even be interest on digital money accounts.
Walmart digital money can be produced in different scenarios to consume as much space as possible. According to Walmart, the new digital currency can be linked to other voluntary (fiat) currencies, such as dollars, and other cryptocurrencies.
The patent application stressed that planned digital money could be an alternative for poor families, where banking is becoming expensive. The retail giant also drew attention to the fact that the digital money it will issue can eliminate the need for credit and debit cards and rival existing banks.