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Visa files patent for cryptocurrency system to replace cash

VISA PATENT: An example of an ecosystem for managing digital fiat currency
Visa has filed an application for a patent that sets out a way for a central bank to take fiat money that is currently in circulation, digitize it, remove the converted physical currency from circulation and then enable consumers and merchants to conduct transactions using a digital wallet “stored on a chip of a smart card or a secure element of a user device”.

“Techniques are disclosed which include receiving, by a central entity computer, a request for digital currency,” the patent application explains. “A central entity may be a central bank, which regulates a monetary supply.”

“The request includes a serial number and a denomination of a physical currency. The central entity computer generates the digital currency for the denomination and links to the serial number. The generating includes recording the digital currency on a blockchain.

“The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system.”

“Embodiments provide a private permissioned distributed ledger platform for managing the digital currency,” the patent adds.

“The digital currency may be recorded to a blockchain in association with data such as a serial number of a corresponding physical currency, allowing a central entity to manage the volume and value of the digital currency.”

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Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin55,426 1.26 % 1.31 % 12.82 %
Ethereum2,293.1 1.64 % 8.88 % 0.49 %
Binance Coin583.09 1.81 % 19.90 % 5.42 %
Tether0.9990 0.11 % 0.20 % 0.22 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.240 2.23 % 7.34 % 12.56 %
XRP1.410 2.20 % 11.13 % 21.36 %
Uniswap31.78 2.17 % 7.04 % 10.47 %
Litecoin259.27 2.48 % 4.86 % 2.63 %
Chainlink37.63 2.25 % 6.98 % 5.53 %