Visa Submitted Application for Ether-powered Cryptocurrency

By Chris Torres | May 15, 2020

Visa has reportedly submitted an application for designing a blockchain-based cryptocurrency with the U.S. Patent and Trademark Office.

Specifically stated in the submission revealed on May 14th but was previously submitted 2 years ago, inventors Simon J. Hurry and Alexander Pierre with the Visa International Service Association in San Francisco have tried to obtain a blockchain-based digital coin, managed using a central entity computer patented. 

Ethereum’s name has reportedly surfaced as a viable network. There are 2 records shown in the application, one would show “the digital currency for an amount associated with the denomination has been created for a public key associated with a digital wallet”. while the other stated the “removal of the physical currency from circulation in a fiat currency system.”

“…every time a dollar worth of digital fiat currency is generated, the central entity ensures that a corresponding physical dollar bill is removed from circulation, in order to regulate the value of the digital fiat currency.” The application has referred to a centralized protocol for controlling the stablecoin’s value. 

While the US dollar will reportedly be in the list of facilitated fiat currency, the patent would also mean other central bank digital currencies, nominally pounds, yen, and euros, to be used as well.

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