VISA Wants To Create A Digital Dollar, Applies For Patent

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.