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Visa Patent Filing Would Allow Central Banks To Mint Digital Fiat Currencies Using Blockchain
Summary: Visa aims to lay the groundwork for a future in which fiat currencies such as the U.S. dollar would be effortlessly turned into a central bank digital currency (CBDC). The California-based payments giant, which processes over 100 million transactions every day on average, has filed a patent application for a process that would turning physical ...
Visa aims to lay the groundwork for a future in which fiat currencies such as the U.S. dollar would be effortlessly turned into a central bank digital currency (CBDC).
The California-based payments giant, which processes over 100 million transactions every day on average, has filed a patent application for a process that would turning physical fiat currency into a newly digitized version.
The filing, which was filed with the U.S. Patent and Trademark Office in November and was made public Thursday, claims that the system will have the capacity to mint digital fiat currency and keep a tally of all issuances on the blockchain. Run by a "central entity computer," the system would be able to remove physical cash from circulation.
By Ramsey Baker
Tags: CBDC,Central Bank Digital Currency,Patent,U.S. Patent And Trademark Office,Visa
Link: Visa Patent Filing Would Allow Central Banks To Mint Digital Fiat Currencies Using Blockchain [Copy]
