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Visa has applied for a 'digital currency fiat'

By lidson | lipson | 16 May 2020

The payment giant Visa has filed a patent application for a digital currency secured by fiat. Currency can be created on "centralized computers" that can form the basis of a potential new technology used by central banks, reports Forbes.


We are convinced that digital currencies can complement the payment ecosystem, not replace it

said Alfred Kelly, CEO of Visa


Visa believes that this approach will ensure a balance of risks and benefits when creating the country's central bank digital currency (CBDC), enabling regulators to maintain control over the value and size of the currency.


Cryptocurrencies have an advantage over fiat currencies, in particular because of the speed of transactions and greater confidence due to the unchanging blockchain. At the same time, they are not regulated and rely on the use of electronic devices that are not available to all groups of the population. For this reason, the full "digitization" of the currency is impractical.


The term 'digital currency fiat' includes management by a centralized body to 'maintain control over the monetary system', the function of which can be a central bank or a state agency. The application explains that the state body will be entrusted with the role of implementing monetary policy, as well as issuing and destroying the currency. In the patent application, the word Ethereum rains 11 times. The authors admit that some parts of the proposed system may be based on the ETH blockchain. In an interview with Forbes, the Visa representative admitted that this patent would not necessarily translate into a full-fledged product. The company's development team regularly experiment with advanced technologies, and the payment company registers hundreds of patents. Former chairman of the US Futures Commodity Trade Commission (CFTC) Christopher Giancarlo believes that the fact that such a patent application is filed demonstrates the willingness of private companies to cooperate with the state to develop new methods of money.




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