Walmart says their currency 'may act as pre-approved biometric credit. A person is the credit card to their own digital value bank.'
Digital Currency 202
"Currency 202 may be any form of digital currency, for example, virtual currency or cryptocurrency."
Walmart makes it clear that 202 won't be bound by traditional laws or regulations around currency, stating that it will be combination of cryptocurrency (like Monero or Bitcoin) and virtual currency (like Canadian Tire money).
But no coins, notes, cards, or chips required!
And no keys to protect. Retinal scans will provide security (ie: a massive loss of privacy and safety). 202 will involve the use of a blockchain, but it's not clear what function that will have. The currency (more like 'videogame gold' than a real crypto) will be pegged to a fiat currency (USD). Instant loans (credit) may be available. Balances may earn interest. Fees will be lower than in the legacy banking system. Walmart says it aims to increase its bottom line, while helping their target customer pay less to banks in fees, interest, and fines.
FaceBook started off with Libra, now Walmart is working on Currency 202. Lines between banks, central banks, governments, and corporations are blurring rapidly.
The floodgate has opened, and soon every major (and many smaller) companies will be issuing their own digital currencies, most of them much closer to the 'virtual' side than the 'crypto' side. Will this cause a regulator crackdown, to save the legacy economy? Perhaps that's why this is being done in the first place? After all, both Walmart and FaceBook are basically government programs at this point. Walmart may be acting like they're doing this simply as profiteers, but I suspect they're acting alongside the deep state on this, just as Zuck is. All by design. Be ready for a huge regulatory crackdown, which will attempt to reign in the real cryptocurrencies. Ironically, it's these real cryptos that will emerge unscathed and unphased by the legacy economy's attempts to retain power over us.
Control over the currency supply is control over every aspect of people's lives. This is why we need REAL cryptocurrencies so badly right now. So many people are going to be swept up in these nightmarish control grid technologies, not paying attention to the nuances, thinking they're saving themselves time, hassle, or money.
I see people lining up to put their heads into nooses. Nooses they paid for with their life's efforts.
As for me, I'm saying "NO" to corrupt corporate currencies. Silver and gold are my preferred storage methods for physical money. As for currency, decentralized and private cryptos are the free market - that's where you'll find me. (Or not!)
DRutter
Countries usually develop armies to defend their currencies and property. It's possible that mega corporations of the future will also require "defense".
Corporations are becoming the new countries, currencies, and culture....freaky!
Makes me wonder if Canadian Tire would be mulling that same ideal already. Like CT "crypto Puck Bucks!" I still have a few of the old CT notes.
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So many similarities between them. : )
As someone who follows monetary theory, watching all this unfold is truly fascinating (and hilarious, and freaky).
LOL @ Walmart, home of the cash-paying poor, having a "crypto" or digital currency.