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Visa files patent for digital currency development

Monday 18 May 2020 10:42 CET | News

Visa has filed a patent application to develop a digital currency, potentially using Ethereum as the blockchain.

According to the application published on May 14, 2020, Visa representatives sought a patent for a digital currency recorded on a blockchain and controlled by a central entity computer. Furthermore, it cites Ethereum as a possible network. The patent was initially filled in November 2018.

The application details two records, according to CoinTelegraph. One of which would indicate ‘the digital currency for an amount associated with the denomination which has been created for a public key associated with a digital wallet’. The other record notes the ‘removal of the physical currency from circulation in a fiat currency system’.

For the second, the application describes a centralised process to maintain the value of the stablecoin, in which ‘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’.

Nevertheless, while the US dollar is specifically mentioned as one of the fiat currencies to be used, Forbes reported that the patent could apply to other central bank digital currencies such as pounds, yen. and euros.
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Keywords: digital currency, Ethereum, blockchain, Visa, stablecoin, digital wallet, public key, patent
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies