Visa patented fiat-tied digital currency

The American payment system Visa has applied for the creation of a digital currency using distributed registry technology, which can then be applied in financial institutions. It is noted that the development will be managed from a single center, for example, by a state issuer or a central bank.

According to the developers, the new asset is designed to combine the advantages of digital and fiat means of calculation. The Visa team notes that the use of electronic money, for example, can significantly reduce the time of operations and gain consumer confidence due to the transparency of the actions provided by the distributed registry technology.

Despite the fact that the payment giant does not consider the complete transition of the financial system to digital means of payment to be true, market experts considered the news about the patent of their own cryptocurrency from Visa a positive step for the industry. According to Christopher Giancarlo, the former head of the US Commodity Futures Trading Commission (CFTC), the decision demonstrates the willingness of major market players to collaborate with authorities on the development and implementation of new payment methods.