Visa Patents Blockchain-based Digital Fiat Currency
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A multi-regional fintech corporation Visa International Service Association has filed a patent for a blockchain-based digital fiat currency, Forbes first reported, citing an application published on the United States Patent and Trademark Office website.

The application describes a digital fiat currency system for managing digital fiat currency generated based on physical currency.

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According to Visa, the digital currency can be registered on a blockchain network in association with data such as a serial number of a corresponding physical currency, "allowing a central entity to manage the volume and value of the digital currency."

"Users may hold digital currency with the same denomination as the local physical currency (e.g., $100 for User A in America; 200 pesos for User B in Mexico, and so forth) in order to perform transactions in a secure, fast and reliable way," the application says.

Blockchain transactions using digital fiat currency, according to Visa, could also be traceable.

In February iHodl reported that Coinbase became the first crypto company to be approved as a Visa principal member. As a result, the exchange does not have to use the services of third-party companies to issue Coinbase Card debit cards.

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Last year, one of the largest US banks Bank of America filed a patent application of a system for the safe storage of digital assets.

The patent application "Multi-Tiered Digital Wallet Security" describes the principle of creating a multi-level interface for a cryptocurrency wallet in a decentralized peer-to-peer network.

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