Visa has filed a patent application to create digital currency on a blockchain with the US Patent and Trademark Office.
It has been reported that according to the application published on May 14, but filed way back in November 2018, inventors Simon J. Hurry and Alexander Pierre with the Visa International Service Association in San Francisco have sought a patent for a digital currency recorded on a blockchain and controlled by a central entity computer.
However, it stated Ethereum as a possible network, as the application details two records:
According to the US Patent and Trademark Office, Visa filed an application some time ago to create digital currencies on the blockchain, including USD https://t.co/IIf4AhAZCm — Cointelegraph (@Cointelegraph) May 15, 2020
“The digital currency for an amount associated with the denomination has been created for a public key associated with a digital wallet.”
“Removal of the physical currency from circulation in a fiat currency system.”
As per the report, the application described:
“…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 US dollar is precisely 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.
Thus, Forbes stated:
“The physical currency of a central bank anywhere in the world could be digitized.”
Source: Cointelegraph | Image: Pixabay