Visa International has filed for a cryptocurrency system patent that is meant to replace physical currency. The system, which utilizes both central banks and commercial banks, leverages a private blockchain to improve the payment ecosystem.

Visa’s Cryptocurrency Patent Filing

The United States Patent and Trademark Office (USPTO) published on Thursday a patent application entitled “digital fiat currency,” filed by Visa International Service Association on Nov. 8, 2019.

Visa Files Patent for Cryptocurrency System to Replace Cash
The USPTO published Visa’s patent application for “digital fiat currency” on May 14; it was filed on Nov. 8, 2019. Source: Visa’s crypto patent filing with the USPTO.

The filing is for a fiat-linked cryptocurrency system using “a private permissioned distributed ledger platform.” It describes a central computer, its responsibilities, and key roles of the system: central entities, validating entities, redeeming entities, and users. “A central entity may be a central bank, which regulates a monetary supply,” the document details. Validating entities “are blockchain…

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Source: https://news.bitcoin.com/visa-cryptocurrency-system/