Ethereum with Visa for digital Fiat currencies? Visa receives Patent in the United States

Even if crypto-currencies such as Bitcoin, Ethereum and co. as a worldwide common means of payment by setting them should, they have managed, nevertheless, already now something crucial: Innovation in the financial sector. It is only since BTC co. and endanger the monopoly of the state on money, are things like a digital USD correctly in the conversation. After Facebook assumed the Libra Association, the implementation of this topic, but so far only against the wind on the part of the regulators, has harvested, has also been discussed in politics in the United States, more Frequently, the implementation of a digital dollar.China is already a piece of and could soon publish your CBDC. Another interesting News in connection with the race to be the digitalization of Fiat currencies, that Visa now in the USA a Patent has been applied for, with the help of which you with the help of Ethereum such a digital currency could be implemented.

Visa could use Ethereum for digital currencies

As at 14. May was by Forbes to be known, has submitted to the payment service provider Visa in November 2019, a request for a Patent at the US Patent and Trademark Office (USPTO) for a “Digital Fiat currency”. In the Patent itself Often is to listen to the Ethereum Blockchain, which suggests that Visa in a Possible implementation of the patent at ETH could use.The Patent of visas is described as a Central computer that requests the serial number and the nominal value of a physical currency takes. The creation of the digital currency and the removal of the physical currency from circulation, in a Fiat currency system is recorded on a Blockchain. This is the Ethereum Blockchain could come in question.This Patent applies to a digital US Dollar, as well as for other digital Fiat currencies, such as pounds, Yen and euros, so you can digitize the physical currency of a Central Bank anywhere in the world.The best and safest stock market choose for you to opt for the right provider is not always easy. Therefore, we recommend that you take a look at our Bitcoin brokers & exchanges to throw a comparison. Trading on the safest and best exchanges in the world! For Comparison

Implementation is still written in the stars

Also, if it is initially a very positive message for all the Fans of Ethereum and crypto-currencies, is an implementation of the patent nor in the stars. A spokesman for Visa said:

Also, if not all patents lead to new products or functions, respected, visas, intellectual property, and we are working actively in the protection of our Ecosystem, of our innovations and the Visa brand.

Nevertheless, there are also very optimistic voices around the News. J. Christopher Giancarlo, Senior Counsel at Willkie Farr and Gallagher and former Chairman of the U.S. Commodity Futures Trading Commission commented:

This confirms that there are partnerships between the private and the public sector, if the US do great things like the space program and the Internet. This patent application is a proof that the private sector is working hard on the future of money.

But not only the implementation itself is unclear, but also whether Visa Ethereum could actually use for an implementation of a digital Fiat currency. The Patent mentioned in ETH only a few times.Visa seems to be as a payment service provider from the traditional financial sector to be always crypto-friendly. In February, the company announced that it, together with Coinbase, a credit card will bring out, with the Crypto-Fans your BTC, Ethereum and co. can spend. We can, therefore, be interesting to see how the race to be the digitalization of Fiat currencies will continue to run.How do you see the development around digital currencies? Do you think Ethereum could play a decisive role?Come on in to our Telegram Chat and talk with the experts and the Community!
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