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Title: Visa Files Patent Application for Digital Currency
Source: Cointelegraph
URL Source: https://cointelegraph.com/news/visa ... plication-for-digital-currency
Published: May 14, 2020
Author: Turner Wright
Post Date: 2020-05-22 04:52:05 by Deckard
Keywords: None
Views: 1083
Comments: 16

Visa has filed an application to create digital currency on a blockchain with the United States Patent and Trademark Office.

According to the application published May 14 — but filed back in November 2018 —  inventors Simon Hurry and Alexander Pierre with the Visa International Service Association in San Francisco have sought a patent for a digital currency recorded on a blockchain and controlled by a central entity computer. 

It cites Ethereum as a possible network. The application details two records, one of which would indicate “the digital currency for an amount associated with the denomination has been created for a public key associated with a digital wallet.” The other record notes the “removal of the physical currency from circulation in a fiat currency system.”

The application describes a centralized process to maintain the value of the stablecoin: 

“Every time a dollar worth of digital fiat currency is generated, the central entity ensures that a corresponding physical dollar bill is removed from circulation, in order to regulate the value of the digital fiat currency.”

While the U.S. dollar is specifically mentioned as one of the fiat currencies to be used, Forbes reported that the patent could apply to other central bank digital currencies such as pounds, yen and euros: “The physical currency of a central bank anywhere in the world could be digitized.”

Visa becoming more crypto friendly

In February, Coinbase announced that it had become a principal member of Visa, which would allow the exchange to issue debit cards for spending crypto. Two months later, the Lightning-compatible Fold app joined Visa’s Fintech Fast Track Program to roll out a co-branded Bitcoin (BTC) cashback rewards card.

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Begin Trace Mode for Comment # 5.

#1. To: Liberator, Stoner, A K A Stone, watchman, Fred Mertz (#0)

Deckard  posted on  2020-05-22   4:53:58 ET  Reply   Untrace   Trace   Private Reply  


#2. To: Deckard, sneakypete (#1)

You forgot to ping sneakypete. He swears that once cash is no longer king then we're all doomed. I believe him.

My gf was issued a debit card from her work place and her paycheck is automated and that's how it has been.

At least I received my stimulation check and have some Ben Franklins and U.S. Grants in my flour container.

Fred Mertz  posted on  2020-05-22   5:15:02 ET  Reply   Untrace   Trace   Private Reply  


#5. To: Fred Mertz (#2)

You forgot to ping sneakypete. He swears that once cash is no longer king then we're all doomed.

I STILL believe it. The same day the goobermint announces we are going to a cash-free society is the day we need to pick up our rifles and go into politics. If we wait until it happens,they can prevent us from marching on DC by simply deleting our ID numbers in their data banks,and suddenly,"Poof! We don't even exist,and have never existed!"

I believe him.

Thanks. I really have to struggle to believe there is anyone who can't understand a truth as basic as this one.

At least I received my stimulation check and have some Ben Franklins and U.S. Grants in my flour container.

Won't do you any good to have cash if it is no longer accepted as anything other than a fire starter. No digital bank account will = "no such person exists".

If you want to save something valuable in that flour can,fill it with biscuits and bullets. It has been my experience that if you have bullets and a device to launch them and a smile,you can get pretty much anything you want if you ask nicely.

sneakypete  posted on  2020-05-22   13:13:47 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 5.

#11. To: sneakypete (#5)

we are going to a cash-free society is the day we need to pick up our rifles and go into politics.

I like your spirit Pete.

A K A Stone  posted on  2020-05-23 06:51:48 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 5.

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