Saturday, 19 September 2020

Visa’s Digital First

The U.S. Patent and Trademark Office (USPTO) published today that Visa (V) has filed a patent application for a decentralized system to create fiat-backed cryptocurrencies. The patent originally filed in November 2019 applies to a digital dollar and other central bank digital currencies.

Titled “Digital fiat currency,” the patent details a central entity computer that receives requests that include a serial number and the denomination of a physical currency. The technology replaces the need for fiat currency by recording its circulation and transactions on a blockchain.

A Visa spokesperson told Forbes that the patent comes from their team of inventors and innovators working on cutting edge payment technologies. While the company submits hundreds of new ideas each year, not all patents result in products or features.

If Visa decides to move forward, they will join a growing list of competitors in the stablecoin space.

source: sludgefeed.comes

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