May 16, 2020 02:30 UTC
May 16, 2020 at 02:30 UTC
Visa Files Patent Application To Create Digital Currency On Blockchain
Visa has filed an application to make digital currency on a blockchain with the United States Patent and Trademark Office.
As per the application published on May 14 — yet filed back in November 2018 — inventors Simon Hurry and Alexander Pierre with the Visa International Service Association in San Francisco have looked for a patent for a digital currency recorded on a blockchain and constrained by a focal entity computer.
It refers to Ethereum as a potential system. The application details two records, one of which would specify “the digital currency for an amount associated with the denomination has been created for a public key associated with a digital wallet.” The other record takes not of the “removal of the physical currency from circulation in a fiat currency system.”
The patent application describes a centralized procedure to keep up the estimation of the stablecoin –
“Every time a dollar worth of digital fiat currency is generated, the central entity ensures that a corresponding physical dollar bill is removed from circulation, in order to regulate the value of the digital fiat currency.”
While the USD is explicitly referenced as one of the fiat currencies to be used, Forbes revealed that the patent could apply to other national bank digital currencies, for example, pounds, yen and euros –
“The physical currency of a central bank anywhere in the world could be digitized.”
Visa Turning Out To Be More Crypto Friendly
In February, Coinbase reported that it had become a key individual from Visa, which would permit the cryptocurrency exchange to issue debit cards for spending cryptocurrency. After two months, the Lightning-good Fold application joined Visa’s Fintech Fast Track Program to reveal a co-branded Bitcoin (BTC) cashback reward card.