Visa filed patent application for digital currency to replace fiat

Visa wants to use digital currency technology to solve the problems of the fiat payment system.

May 14 Patent and Trademark OfficeThe United States published a patent application, which the company filed in November last year. It describes a digital currency based on the blockchain, the main purpose of which is to partially replace fiat to increase efficiency and accelerate money transfers, as well as increase user confidence.

Visa technology provides a centralized system that can be controlled bygovernment agencies. The application also considers the possibility of using Ethereum as a base platform.

According to the developers, the government does notThey are interested in a complete rejection of cash, since digital money requires electronic devices, but the withdrawal of a part of traditional money from circulation and their transfer to virtual space will allow taking advantage of cryptocurrency technology without changing the existing mechanisms. At the same time, the state currency issuer or the central bank itself may issue and control.

The technology proposed by Visa is applicable for digitizing any fiat currencies.

Let us recall that according to a recent report from the Bank for International Settlements, the possibility of transmission of infection through banknotes will stimulate the development of digital currencies.

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