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Visa has filed a patent application to the U.S. Patent and Trademark Office (USPTO) to create digital currency on a centralized computer using blockchain technology.
Visa Inc (NYSE: V), a global payment technology company that connects consumers, businesses, financial institutions and governments, has filed for a patent application to create a digital currency. According to a post on Forbes, Visa will create the digital currency on a centralized computer using blockchain technology.
As a result, its shares continued scaling higher after closing yesterday trading at $180.90, approximately 2.15%. The company has experienced an increase in daily users, due to the coronavirus pandemic, which is pushing people to adopt plastic money.
The company’s operations were not spared during the mid-February crash, whereby it has not yet recovered from it. However, it has been rising steadily and is almost halfway to clinching on a new ATH.
Visa and Digital Currency on Blockchain
Digital currency, especially the dollar, has been talked about, with some proposing it to be created and controlled by the federal government. However, Visa has pushed its quest to fulfill the dream.
The filed patent applies to digital dollars as well as other central bank digital currencies such as the pound, euros. It was initially filed back on November 8, 2019, by visa, however, the process took time to move into the next step.
“It takes quite a while to publish the filing of a patent,” United States Patent and Trademark Office said in a statement. Visa is aiming to facilitate the creation of the digital currency and the removal of the physical currency from circulation.
“Visa has a vast global team of investors and innovators working on cutting edge payment technologies. Each year we seek patents for hundreds of new ideas. While not all patents will result in new products or features, Visa respects intellectual property and we are actively working to protect our ecosystem, our innovations and the Visa brand,” said Visa’s spokesperson.
J. Christopher Giancarlo, Senior Counsel at Willkie Farr and Gallagher, said:
“This confirms when the U.S. does big things like space programs and the internet, there are partnerships between the private and the public sector. This patent filing is evidence the private sector is very much at work on the future of money.”
Digital currencies are not entirely a threat to the already existing cryptocurrency but rather a needed factor for the crypto space to be adopted by more people globally. Each will be there to solve a different challenge in the society, hence acting as complementary to the other.