USPTO - The U.S. Patent and Trademark Office, announced that Visa had listed a patent application to build digital currency on a centralized machine using blockchain technology. It applied to digital dollars as well as digital currencies of other central banks such as yen, pounds, yen, and euros. So the real money of a central bank everywhere in the world could be digitized.
Described as 'Digital Fiat Currency,' the patent was initially listed by Visa on 8 Nov 2019, with the USPTO stating today, "It takes quite a while..." to announce the filing of a patent. Visa's patent is named as a central entity computer that accepts requests that involve the serial number and denomination of real currency. The making of the digital currency and the replacement of the physical money from flowing in a fiat currency system recorded on a blockchain.
A Visa Agent said, "Every year we try patents for many numbers of new ideas". "While not all patents will result in new features or products, Visa respects the intellectual property, and we are actively operating to protect our innovation, our ecosystem, and the brand."
The Former Chairman of the U.S. Commodity Futures Trading Commission and Senior Counsel at Willkie Farr & Gallagher, J. Christopher Giancarlo said on Visa's patent filed with the USPTO: 'This verifies when the United States does huge things like the space program and the Internet, there are connections within the public and Private sector. This patent filing is proof that the private sector is pretty much at work on the future of currency. At the virtual 'Consensus Distributed,' hosted by CoinDesk, "Giancarlo has been very active.'
When discussing the CARES Act, the third COVID-19 relief package, Congress considered the concept of a digital dollar. Although the digital dollar is not involved in the final legislation, separate bills have been introduced in both the Senate and the House that look to legally build a digital dollar at the Federal Reserve and also create a digital dollar wallet at the United States Treasury. The digital dollar recommended providing economic stimulus gains and probably universal basic income to Americans.
The patent filed by Visa called, "Techniques disclosed which involve receiving, by a central entity computer, a demand for digital currency.