“Visa has filed a patent application to create the digital currency on a centralized computer using blockchain technology”, says the US patent and trademark office (USPTO). His patent can be applied to the digital dollar and the other central bank digital currencies like pounds, yen, and euros. In this way, the physical currency of a central bank which is anywhere in the world can be digitalized in an easy and better way. The patent was filed initially by Visa on November 8, 2019, with the USPTO, described as “Digital Fiat Currency” and commented that “It takes quite a while”. Via’s patent is described as a central entity computer that receives requests that contains denomination of physical currency and the serial number. The usage of physical currency is removed and digital currency is emerged in a fiat system and is recorded on a blockchain.
A huge number of team innovators and inventors are working day and night hardly on Visa on cutting edge payment technologies. “Each year Visa takes hundreds and thousands of new ideas”, says a Visa spokesperson recently. Besides, he said that Visa also respects intellectual property and is actively working to protect the ecosystem, innovation, and their visa brand itself.
J. Christopher Giancarlo, Senior Counsel at Willkie Farr and Gallagher and former Chairman of the U.S. Commodity Futures Trading Commission said their opinion on visa’s patent which was filed with USPTO that there is a partnership between the private sector and the public sector when the US does big things like the space program and the internet.
Congress appreciated and accepted the idea of a digital dollar when debating the CARES act, the third COVID relief package. Initially, the digital dollar was not included in the final legislation. So separate bills were introduced in both the Houses and the Senet. This digital dollar would help to provide economic benefits and universal basic income to Americans.
Recently, in February of this year (2020), Via decided to grant permission to coin base, a cryptocurrency exchange, allowing them to add a debit card where individuals can easily spend and use their crypto through the debit card.