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.
On May 14, the U.S. Patent and Trademark Office 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 the partial replacement of fiat to increase efficiency and accelerate money transfers, as well as increase user confidence.
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Visa technology provides a centralized system that government agencies can control. The application also considers the possibility of using Ethereum as a base platform.
According to the developers, governments are not interested in a complete rejection of cash, since digital money requires electronic devices, but removing some of the traditional money from circulation and transferring it to virtual space will allow you to take advantage of cryptocurrency technology without changing 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.
Recall that according to a recent report by the Bank for International Settlements, the possibility of transmission of infection through banknotes will stimulate the development of digital currencies.