Visa Files A Patent Application To Create Digital Currency On Blockchain
Visa Files A Patent Application To Create Digital Currency On Blockchain
May 15, 2020
Visa Files A Patent Application To Create Digital Currency On Blockchain
Visa Files A Patent Application To Create Digital Currency On Blockchain
May 15, 2020

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:

  • “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.

ALSO READ :  Africa Blockchain Institute To Open Rwanda’s First Blockchain School In 2020

Thus, Forbes stated:

“The physical currency of a central bank anywhere in the world could be digitized.”

Source: Cointelegraph | Image: Pixabay


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Line Builds A Platform For Developing CBDCs

Line Builds A Platform For Developing CBDCs

Line, a Tokyo-based messaging giant, is building a platform for developing central bank digital currencies (CBDCs). It has been reported by the South Korean news agency the Chosun Ilbo that Line aims to support the...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!