New reports emerging in the blockchain news show us that the money processing giant VISA wants to bring the US dollar on the blockchain, as a post by the US Patent and Trademark Office (USPTO) today shows. Basically, VISA wants to create a digital dollar as a cryptocurrency which will transform the $ value to a centralized computer using blockchain technology.
The patent applies to digital dollars as well as other central bank digital currencies including pounds, yen, and Euros – so that the physical currency of a central bank anywhere in the world could be digitized.
The patent was initially filed by Visa on November 8, 2019, with the USPTO commenting that “it takes quite a while” to publish the filing of a patent. Visa’s patent is now described as a central entity computer which will receive requests that include serial numbers and denomination of any physical currency.
In a nutshell, the creation of the digital currency and removal of the physical currency from circulation in a fiat currency system will be recorded on a blockchain. With this, VISA wants to keep all the records on a distributed ledger, the crypto news show. As a spokesperson from the company recently noted:
“Visa has a vast global team of inventors and innovators working on cutting edge payment technologies. 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.”
The Senior Counsel at Willkie Farr and Gallagher, who is also the former Chairman of the US Commodity Futures Trading Commission, commented on the recent patent filing where Visa wants to bring the dollar via blockchain technology. He said:
“This confirms when the U.S. does big things like the space program and the Internet, there are partnerships between the private and public sector. This patent filing is evidence the private sector is very much at work on the future of money.”
The Congress considered the idea of a digital dollar when debating the CARES Act, which is the third COVID-19 relief package. Even though the digital dollar was not included in the final legislation of the project, there are separate bills which have been introduced in both the House and the Senate that look to legally create a digital dollar.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
DC Forecasts - Newsletter and get recent news directly to your inbox! Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
DC Forecasts provides a comprehensive source of the latest news about cryptocurrency news daily. Read more on our about us page for details.