Visa plans to have its digital currency

The giant global payments Visa, has filed an application at the Patent Office and Trademark united States (USPTO). Mainly, with the aim of creating and having your digital currency based on a Blockchain. Although the us dollar is mentioned as one of the currencies held in trust to be used for this project, Forbes reported that the patent could be applied to other currencies such as the pound, the yen and the euro.

Patent application

Investors Simon J. Hurry, and Alexander Pierre, with the Association International Service Visa in San Francisco, have finally applied for a patent for a digital currency recorded in a Blockchain controlled by a computer of the central entity. The application was published on may 14, but submitted in November 2019. This details two logs: Visa creates a digital currency for an amount related to the name for a public key associated with a digital wallet. Removal of the physical currency from circulation in a system of Fiat. J. Christopher Giancarlo, a senior attorney for Willkie Farr and Gallagher and former president of the Commission on Trade in commodity Futures of the usa. UU., commented on the patent of Visa filed in the USPTO:

“This presentation of a patent is evidence that the private sector is working hard on the future of money”.

The summary of digital currency-Visa

Receiving by a computer of the central entity, a request for digital currency. The request includes a serial number and a denomination for a physical currency.The generation includes the record of the digital currency on a Blockchain.The computer of the central entity transmits a notification of the generation of the digital currency of Visa.This computer causes the removal of the physical currency from circulation in a system of fiat currency.

Visa mark a course to the use of the cryptocurrencies

Visa has made important announcements before, closely monitor the cryptocurrencies ecosystem and Blockchain. Last year, it was announced originally as a member of the new Association Pound established by Facebook, until he retired in October. In addition, in June of 2019, Visa announced that it was entering to the market of transactions between companies (B2B) cross-border. Above all, using technology of accounting is distributed to make payments faster, cheaper and more transparent. Also, in February of this year, Visa announced that it had granted permission to Coinbase. That would allow them to issue a debit card where people could spend their cryptocurrencies through the same. As stated by a spokesperson for Visa:

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

Despite being one of the main defenders of the traditional financial system, Visa is a fervent advocate of the emerging technology and, in particular, of Blockchain. Will you be able to Visa to win in where Libra ruled and have your own digital currency?

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