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14 August 2020

Visa Files Patent for Cryptocurrency System to Replace Cash | Bitcoin News

Visa Files Patent for Cryptocurrency System to Replace Cash | Bitcoin News


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Visa International has filed for a cryptocurrency system patent that is meant to replace physical currency.

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.

The central entity computer generates the digital currency that is recorded on a blockchain and “may determine that a particular digital currency unit should be added to or removed from the blockchain.” According to the filing’s abstract:.

It also notes that once the digital fiat currency is issued, “A user or bank may transfer the digital currency from wallet to wallet or store the digital currency on a smart card and transfer the smart card to another entity.”.

A Visa spokesperson was quoted by Forbes on Thursday as saying: “Each year we seek patents for hundreds of new ideas … While not all patents will result in new products or features, Visa respects intellectual property and we are actively working to protect our ecosystem, our innovations and the Visa brand.” Commenting on Visa’s cryptocurrency patent filing, lawyer Jake Chervinsky tweeted:?

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