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Visa Patents Cryptocurrency To Replace Cash

Visa has documented an application to make computerized cash on a blockchain with the U.S. Patent and Trademark Office.

As indicated by the application made public on May 14 — however recorded route back in November 2018 — designers Simon J. Rush and Alexander Pierre with the Visa International Service Association in San Francisco have looked for a patent for a computerized money recorded on a blockchain and constrained by a focal element PC.

It refers to Ethereum as a potential system. The application subtleties two records, one of which would show “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 notes the “removal of the physical currency from circulation in a fiat currency system.”

The application describes a centralized process to maintain the value 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 U.S. dollar is explicitly referenced as one of the fiat monetary forms to be utilized, Forbes reported that the patent could apply to other national bank advanced monetary forms, for example, pounds, yen, and euros: “The physical cash of a national bank anyplace on the planet could be digitized.”

In February, Coinbase said that it had become an essential individual from Visa, which would permit the trade to give check cards for spending crypto. After two months, the Lightning-perfect Fold application joined Visa’s Fintech Fast Track Program to reveal a co-marked Bitcoin (BTC) cashback rewards card.

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