Visa has filed a patent for cryptocurrency

Visa has filed a patent for cryptocurrency

By Kluma | InterestingCrypto | 15 May 2020

The company explained the advantages of digital money over Fiat money, but stressed the impracticability of a complete transformation of the financial system into an electronic form

Visa has filed a patent application to create a digital currency based on the blockchain, which will be controlled by a"Central computer". The document was sent to the US patent and trademark Office in November, but published today, may 14.

The application notes that digital money has advantages over Fiat payment systems. These include the speed of transactions, as well as the trust of users, which is provided through the use of blockchain technology.

"Cryptocurrency systems have advantages over Fiat currency systems. For example, cryptocurrency money transfers can work faster than conventional Fiat currency money transfers. Since some cryptocurrencies use the blockchain, such cryptocurrencies are often trusted, since the blockchain is a record of transactions that cannot be changed, " the document says.

At the same time, Visa denies the need for a complete transition of the financial system to digital money. The use of such payment mechanisms requires the mandatory presence of electronic devices. They are not available for all segments of the population, so the full conversion of Fiat currencies into cryptocurrencies is "impractical", the application States.

In January, Visa signed an agreement to acquire financial technology startup Plaid for $5.3 billion. Al Kelly, the company's chief Executive and Chairman, said that this transaction will allow the payment system to enter a new market and take a Central position in it.

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