Walmart Crypto Project More Agreeable to Lawmakers Than Libra

A senior policy analyst at investment banking corporation Cowen, Jaret Seiberg, said that Walmart’s proposed digital coin should not face as much regulatory pushback as Libra, Facebook’s proposed virtual currency.

As Bloomberg reports on Aug. 5, Seiberg also added that Walmart’s crypto may have a demographic appeal to Democratic legislators who are keen to find an alternative financial infrastructure for people who do not regularly use banks.

According to Seiberg, Libra and Walmart’s crypto proposal differ in scale. Seiberg comments that Facebook has global intentions which do not appear to be shared by Walmart. 

Possible regulatory hangups

However, Seiberg noted that Walmart’s proposal will not likely get automatic approval from Congress. He pointed out that, for instance, Walmart’s coin could be viewed as a threat to small banks and credit unions. Ultimately, though, Seiberg believes that lawmakers would eventually approve Walmart’s proposal.

Regarding the details of…