Application for Patent Visa Applies for Digital Currency

Visa has applied for a patent to create a digital currency – probably using Ethereum as a blockchain.

Visa has applied to make a digital currency on blockchain with the U.S. Patent and Trademark Office.

According to an application published on May 14, inventors Simon J. Hurry and Alexander Pierre with the International Association of Visa Services in San Francisco have applied for a patent for digital currency registered on the blockchain and operated by the entity’s computer center.

It refers to Ethereum as a possible network. The app details two records, one of which shows:

“a digital currency for denomination-related amounts was created for a public key associated with a digital wallet”.

Another records “the removal of physical currency from circulation in the fiat currency system.”

The application describes a centralized process for maintaining the value of stablecoin:

“…every time a dollar worth of digital fiat currency is generated, they ensure that a corresponding physical dollar bill is removed from it. In order to regulate the value of the digital fiat currency.”

Although the US dollar is one of the fiat currencies. Forbes says the patent could apply to other central banks such as the pound, yen, and euro:

“The central bank’s physical currency anywhere in the world can digitized. ”

Visa is more cryptic

Coinbase stated that it had become a key member of Visa that enabled exchanges to issue debit cards to consume cryptocurrencies. Few months back, the Lightning-compatible Folder application joined the Fintech Fast Track Visa Program to launch a joint Bitcoin (BTC) cashback reward card.

Source: Cointelegraph

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