Visa has filed an utility to create Federal Reserve not | china digital forex”>digital forex on a blockchain with the U.S. Patent and Trademark Office.
According to the utility revealed May 14 even so filed approach once again in November 2020 inventors Simon J. Hurry and Alexander Pierre with the Visa International Service Association in San Francisco have sought-after a patent for a digital forex recorded on a blockchain and managed by a central entity laptop.
It cites Ethereum as a possible community. The utility particulars two data, for sure one of which point out the digital currency for an amount associated with the denomination has been created for a public key associated with a digital wallet. The different file notes the remotion of the physical currency from circulation in a fiat currency system.
The utility describes a centralized course of to take care of the worth of the stablecoin:
…every time a dollar worth of digital fiat currency is generated, the central entity ensures that a corresponding physical dollar is removed from circulation, in order to regulate the value of the digital fiat currency.
While the U.S. Federal Reserve not is particularly talked about as one of many fiat currencies for use, Forbes reported that the patent may apply to different central financial institution digital currencies comparable kilos, yen, and euros: The physical currency of a central bank anyplace in the world could be digitized.
Visa dynamic into extra crypto pleasant
In February, Coinbase introduced that it had grow to be a principal member of Visa, which power enable the change to problem debit playacting card game for outlay crypto. Two months later, the Lightning-compatible Fold app joined Visas Fintech Fast Track Program to roll out a co-branded Bitcoin (BTC) cashback rewards card.