Visa plans to have its digital currency

The global payment giant Visa has made an application at the U.S. Patent and Trademark Office (USPTO). Mainly with the goal of creating and having your digital currency based on a blockchain.

While the US dollar is mentioned as one of the fiat currencies to be used for this project, Forbes reported that the patent could also apply to other currencies such as the pound, yen and euro.

Patent application

Investors Simon J. Hurry and Alexander Pierre of the International Visa Service Association in San Francisco finally filed a patent for a digital currency that is engraved on a blockchain and controlled by a central computer.

The application was published on May 14, but filed in November 2019.

It contains two records::

1. Visa creates a digital currency for a par value based on a public key associated with a digital wallet.
2. Taking the physical currency out of circulation in a Fiat system.

J. Christopher Giancarlo, chief lawyer of Willkie Farr and Gallagher and former chair of the US Commodity Futures Trading Commission. The United States commented on the USPTO visa patent:

“This patent application is proof that the private sector is working hard on the future of money.”

The Visa Digital Currency Summary

• Receiving a request for digital currency through a central office computer. The application contains a serial number and a face value of a physical currency.
• The generation includes the registration of the digital currency in a blockchain.
• The central office computer sends a notification of the generation of Visa digital currency.
• This computer causes the removal of the physical currency from circulation in a Fiat currency system.

Visa marks a course on using cryptocurrencies

Visa has already made important announcements to keep an eye on cryptocurrencies and the blockchain ecosystem. Last year he was originally announced as a member of the new Libra Association founded by Facebook until he retired in October.

In addition, Visa announced entry into the cross-border business-to-business (B2B) market in June 2019. Above all, using distributed accounting technology to make payments faster, cheaper, and more transparent.

Similarly, Visa announced in February this year that it had granted Coinbase approval. This would allow them to issue a debit card on which people could spend their cryptocurrencies.

As stated by a Visa spokesman::

“They respect intellectual property and we are actively working to protect our ecosystem, our innovations and the Visa brand in this world of digital currencies.”

Although Visa is one of the main advocates of the traditional financial system, it is a passionate advocate of emerging technology, and blockchain in particular.

Will Visa be able to run where the scales have failed and will it have its own digital currency?