Visa seeks patent on its 'digital fiat currency' project

Visa has filed an application for a patent on its digital fiat currency project – a system that will convert fiat currencies into digital currencies.

The global payment giant Visa has recently filed an application for a patent on its digital fiat currency project at the U.S. Patent and Trademark Office.

According to its filing, Visa will be providing a “digital fiat currency system” to help manage its project that will allow users to convert fiat currencies into digital currencies.

Visa ventures into the blockchain technology, addresses problem on regulation

Visa’s filing detailed that “conventional” cryptocurrencies can offer a secure and private payment system, given that these are the benefits exclusive to cryptos.

According to the filing, Visa will make its entire ecosystem “entirely digital.” Venturing into cryptocurrency and blockchain technology will help Visa improve its thrust to promote a cashless payment ecosystem, it details.

Developing the project, Visa noted, will help them enable a digital fiat currency that can quickly process and finalize transactions “without requiring settlement and clearing processing.”

In other words, this innovation will create a payment ecosystem that can allow users to immediately exchange their fiat into digital currencies.

Through this system, users can store their funds in digital currencies. These funds will also represent an equal amount in fiat currency should they wish to perform transactions.

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Source: Visa seeks patent on its ‘digital fiat currency’ project