Visa filed patent application for digital currency to replace fiat

Visa wants to use digital currency technology to solve fiat payment system problems.

On May 14, the United States Patent and Trademark Office published patent application, which the company filed back in November last year. It describes a blockchain-based digital currency, the main purpose of which is to partially replace fiat to improve efficiency and speed up money transfers, as well as increase user confidence..

Visa technology provides for a centralized system that can be controlled by government agencies. The application also considers the possibility of using Ethereum as a base platform..

According to the developers, governments are not interested in completely abandoning cash, since digital money requires electronic devices, but the withdrawal of part of traditional money from circulation and its transfer to the virtual space will allow using the advantages of cryptocurrency technology without changing the existing mechanisms. In this case, the issue and control can be carried out by the state issuer of the currency or directly by the central bank..

Visa filed patent application for digital currency to replace fiat

The technology offered by Visa is applicable to digitize any fiat currencies.

Recall that according to a recent summary Bank for International Settlements, the possibility of transmission of infection through banknotes will stimulate the development of digital currencies.

text: Ivan Malichenko, photo: Shutterstock

Visa filed patent application for digital currency to replace fiat

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