Crypto News

Visa has filed a patent application for a digital currency to replace Fiat

виза офис

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

On 14 may, the patent and trademark office published a patent application that the company filed back in November of last year. It describes digital currency based on blockchain, the main purpose of which is partial replacement of Fiat to improve efficiency and accelerate cash transfers, and increase the confidence of users.

Technology, Visa provides a centralized system that can control the state structure. The application also considers the possibility of using Ethereum as the base platform.

According to the developers, the government is not interested in the complete abandonment of cash as digital money require electronic devices, but the conclusion of the traditional part of money from circulation and their translation into the virtual space will allow you to use the advantages of the technology of cryptocurrencies without changing the existing arrangements. In this case, the output and control can be done by government, the Issuer of the currency or the Central Bank directly.

The proposed technology Visa is applicable for digitising all Fiat currencies.

Recall that according to a recent summary of the Bank for international settlements, the possibility of transmission through the banknote will stimulate the development of digital currencies.

text: Ivan Malichenko, photo: Shutterstock


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