Visa now wants the removal of cash from their system to create a digital dollar

[rdbase]

"Visa’s patent application, published by the United States Patent and Trademark Office on Thursday, is titled Digital fiat currency and describes a cryptocurrency system linked to fiat and based on private permissioned distributed ledger platform(DLT). And it sounds rather similar to a stablecoin or a digital dollar.

• Global payment cards company Visa has filed a patent application for a blockchain-based digital currency.
• The document describes a system that would allow removing "the physical currency from circulation in a fiat currency system.”
• Visa's invention sounds a lot like a stablecoin or "digital dollar."

source: https://decrypt.co/28968/visa-seeks-patent-for-a-digital-dollar

The largest financial platform in the world wants to do this?
Well then, blockchain technology is a success!
BTC will still benefit from this at any rate even if it is a stable coin.

Just look at coinbase and their use of USDC.
People are using it in abundance because they found out you can cut out several fees(trading/exchanging) to transfer off their pro platform instead of BTC and occurring their high transaction fees in doing so.
Some are even saying you can avoid on a gains tax if in the states since they do hand over your trading activity to the IRS.

[ChiBitCTy]

This is pretty interesting but not much of a surprise to myself. If you look at all aspects of the financial sector, cryptocurrency and blockchain technology have been adopted in some aspect by many major players ( IBM and Chase Bank for example).  No one want's to get left behind so no matter how much crap they talk about the technologies, they know there's a strong future here. 

[Casdinyard]

What? I don't think they wanted to remove cash from their system though, not all their client would have trust the digital currency, in short there will be no complete transition from fiat currency to digital currency and that is what the Visa have told to their article. - It should be added to the existing payment ecosystem - As what I am saying it would not be a complete transition, cryptocurrencies have advantages over fiat like the faster transfer and immutable data however Visa is not a new company, they have longing customer to protect with.

[BrewMaster]

all these centralized financial systems are currently shitting their pants even though they are not showing it. the recent virus spread was a big nail in their coffins. the fact that we still see them alive is thanks to all the bailouts and the happy front they put up.
news like this is only a confirmation of that. they are trying to take back a little bit of what they have lost and stay alive for a little bit longer. what they don't realize yet is that "blockchain" is good when it is used decentralized not when they use it centralized.

[kryptqnick]

There isn't enough information to know what to make of it right now. It's just a patent, so it might never come in use or might fail. The idea is quite typical, but not a bad one. While the coin is going to be centralized and regulated, they say anonymous transactions will be allowed. A big risk I see here is that instead of replacing the USD it will effectively increase the amount of money which could lead to inflation getting out of control. Not to mention the risk of fake dollars added into the blockchain and removed from circulation (the issue is briefly addressed in the article, but I think it's still a risk).

[dothebeats]

I don't think Visa will ever be ready to ditch cash and go bonkers with just digital cash on their arsenal. They would be letting go of a tool that helped them grow over the years over something so.. experimental and controversial at this point in time. Also, what they released was just a patent and does not really mean anything apart from them exploring other technologies and placing their name on this particular tech that they invented. No official statement came from Visa that they are planning to go ham with this, so don't really take this something as 'huge' or Visa readying itself to take the leap towards the world of blockchain and cryptocurrencies.

[Mulann2]

Coming from Visa a well known payment system, I take it that blockchain is gaining mainstream attention, even though they are creating their own coin it is appealing to know they recognize the importance of blockchain and the need to have a digital currency and slowly letting go of fiat. One step at a time.

[bitbunnny]

This is pretty interesting but not much of a surprise to myself. If you look at all aspects of the financial sector, cryptocurrency and blockchain technology have been adopted in some aspect by many major players ( IBM and Chase Bank for example).  No one want's to get left behind so no matter how much crap they talk about the technologies, they know there's a strong future here.  

Exactly and that didn't start yesterday.  Big financial players ,and Visa among them, are experimenting with cryptocurrencies and blockchain for a long time.
Of course they know that is the future and they are not against it but they don't want to risk too much and they want to protect themselves and their profit. That is why they are still very cautious. But with time and especialy with good regulation and legal protection that will change for the better.

[rdbase]

What? I don't think they wanted to remove cash from their system though, not all their client would have trust the digital currency, in short there will be no complete transition from fiat currency to digital currency and that is what the Visa have told to their article. - It should be added to the existing payment ecosystem - As what I am saying it would not be a complete transition, cryptocurrencies have advantages over fiat like the faster transfer and immutable data however Visa is not a new company, they have longing customer to protect with.

It does state in the above article they want to work on a digital system which will remove the physical dollar.
I took this for the use of cash where it will be eventually phased out.
But then reading it from another article I found it is a bit more clear in what they are trying to do. After reading this one from Forbes a bit further and remembering their involvement with trying to uplift the libra currency for facebook, it is looking more like a corporate takeover of any ideas they took from that ordeal until it was swiftly eradicated from it being introduced to the customers on their platform.
https://www.forbes.com/sites/jasonbrett/2020/05/14/visa-submits-patent-application-for-digital-dollar-using-blockchain
excuse the posting of this site since it has advertisements on either side which aligns the entire article into the middle of the screen

This is pretty interesting but not much of a surprise to myself. If you look at all aspects of the financial sector, cryptocurrency and blockchain technology have been adopted in some aspect by many major players ( IBM and Chase Bank for example).  No one want's to get left behind so no matter how much crap they talk about the technologies, they know there's a strong future here.  

Exactly and that didn't start yesterday.  Big financial players ,and Visa among them, are experimenting with cryptocurrencies and blockchain for a long time.
Of course they know that is the future and they are not against it but they don't want to risk too much and they want to protect themselves and their profit. That is why they are still very cautious. But with time and especialy with good regulation and legal protection that will change for the better.

Yes it started quite a while back and they have attempted to try several times already but this was before the world wide crash and people not being able to survive without having the government sending them $6000 in stimulus packages and small businesses who have loans even more.
So this might just put this into overdrive to get it done this time around.

[tbterryboy]

They want the removal of cash from their system or they want the removal of cash from the system? Your topic and your main post is saying two different things. And anyway, I don't see the possibilities doing that, unless they simply want to create their own cryptocurrency and nothing else. If it's to stop the use of physical money around the world, then that would be a really dumb step to make because it's not going to work.

Even in the developed countries there are lots of people who are still making use of cash and are not interested in anything digital or being done online. It might take more time to convince major percentage of world population not to use fiats, because people got practiced to it for generations regardless of whatever conveniences will be promised with digital things.

[cheezcarls]

Since it’s Visa, we know that it’s still going to run in a centralised system. Even if they are going to create their own cryptocurrency later on, they are still going to be centralised and our funds are not controlled by us (like the banks and government). They can still monitor and control whatever you are trying to do using Visa.

There is no way that Visa would go decentralized in the future. Even if they’re going to introduce their centralised cryptocurrency later on, it’s still an upside and bullish for the cryptocurrency community. It’s all about massive awareness on crypto and blockchain technology.

[coolcoinz]

It's obvious that they can all recognize the potential of cryptocurrencies and want all their advantages but also don't want to give up the features of fiat money which are traceability, centralization, the ability to make money if needed (inflate the currency). They want fast worldwide transfers that are automated and don't need supervision from bank staff because it's cheaper. They can run node servers instead of paying an army of clerks and cut costs. Their clients would get 24/7 availability and everybody would be happy.

[rhomelmabini]

Does this mean that visa holders will not have money in their account but nonexistent digital assets that will be completely controlled by Visa?

I don't think you can call it nonexistent digital assets, it's there and it's controlled by a central entity.

Their claim staying anonymous over transactions is quite early vague, I think that will remain questionable on their end.