Visa patents a ‘digital dollar’ where central banks mint digital currency using blockchain

posted 16 days ago
Visa looks to be laying the groundwork for a future in which fiat currencies such as the US dollar could be easily turned into a central bank digital currency (CBDC). The California-based payments giant, which processes upwards of 100 million transactions every day on average, has filed a patent application for a process for turning physical fiat currency into a newly digitized version.

The filing, with the US Patent Office, was made public on Thursday, it says the system would be able to mint digital fiat currency and keep a tally of all issuances on the blockchain. Managed by a "central entity computer," the system would also remove physical cash from circulation.
Tags: blockchain, news