Spread Recently, the US Patent and Trademark Office obtained a new patent for Visa, where Visa filed a patent application to create a digital currency on a central computer using blockchain technology.

This patent applies to the digital dollar as well as other central bank digital currencies such as the pound, yen and euro and thus central bank fiat currency can be digitized anywhere in the world.

The new patent filed by Visa is called “Digital Fiat Currency.” The patent was initially filed on November 8, 2019.

For this new invention, it is described as a centralized entity computer that receives requests that include the serial number and the actual currency denomination.

Read:The postponement of the Bitcoin (BTC) index funds is taking the cryptocurrency market down

The creation of digital currency and the removal of fiat currency from circulation is recorded via the blockchain.

A spokesperson for Visa stated:

Visa has a huge global team of inventors and innovators working on the latest payment technologies.

Each year we seek patents for hundreds of new ideas, and although not all patents will lead to new products or features, Visa respects intellectual property and we are actively working to protect our ecosystem, our innovations, and the Visa brand.

While commenting, “J. Christopher Giancarlo, senior advisor at Willkie Farr and Gallagher and former chair of the US Commodity Futures Trading Commission, commented on the Visa patent:

This confirms that when the United States does big things like space programs and the Internet, it’s the result of public-private partnerships.

This patent filing is proof that the private sector is very much at work on the future of money.

For information, the US Congress is considering the idea of ​​a digital dollar when discussing the “CARES Act”, a relief package to confront Corona.

Although the digital dollar was not included in the final legislation, separate bills have been introduced in both the House and the Senate that look to legally create a digital dollar at the Federal Reserve and also a digital wallet at the US Treasury.

Read:El Salvador Announces Bitcoin City and Plans to Issue $1 Billion Bitcoin Bonds

The digital dollar has been proposed to provide the benefits of economic stimulus and possibly improve the basic income of Americans.

The full summary of the patent filed by “Visa” describes the new patent as follows:

Techniques involving receiving a request for a digital currency are exposed by a central computer.

The order includes a serial number and physical currency denomination.

The central entity’s computer generates the denomination digital currency and is associated with the serial number.

The generation process involves registering the digital currency on the blockchain. The central entity’s computer sends a notification of digital currency generation.

The central entity computer submits a request to remove physical currency from circulation in the fiat currency system

Visa, Crypto and Blockchain Projects:

Visa has made several announcements earlier about the development of programs and projects related to cryptocurrency and blockchain.

Read:Is the downtrend for bitcoin and the cryptocurrency market over?

Last year, Visa was announced as a member of the new Libra Association created by Facebook but later withdrew last October, along with a number of other companies.

In June last year, Visa announced that it would enter the $125 trillion B2B cross-border transaction market using distributed ledger technology to make payments faster, cheaper and more transparent.

Additionally, in February of this year, Visa announced that it had given permission for Coinbase to issue a debit card where individuals could spend their cryptocurrency through the card.

Read also:

“Visa” unveils a new card that rewards users with Bitcoin

After the big announcement… Binance deletes everything related to “Visa” in the crypto card