Visa applied for Digital Dollar Patent in US

[Tipstar]

Visa one of the largest financial service providers in the world with its global debit and credit cards has filed a patent for ‘Digital Fiat Currency’ which is going to be a digital currency on a centralized computer using blockchain technology.
Visa was initially a member of Libra association but withdrew from it and now is pursuing a digital blockchain currency of its own. What's your take on it?

https://www.forbes.com/sites/jasonbrett/2020/05/14/visa-submits-patent-application-for-digital-dollar-using-blockchain/

[tabas]

They can easily be approved because they are already established and known in this business. Might be something that they are cooking that will lie into their service.
This could also be one of the reason why they've left Libra to stand on their own with the idea that they probably have come up with while being with the association before.

[durilup]

I do not understand what is happening with these huge companies like VISA and MasterCard in crypto world. When bitcoin was almost 20k in 2017 and all people was talking about crypto these companies started to fund tens of startups . When bitcoin dropped quite enough they exited and they stopped supporting crypto community

[senin]

Visa is widely known throughout the world and is very popular. Therefore, if it creates a digital dollar, that is, another stable coin, it will be in greater demand than many similar stable coins of individuals and business structures. You also need to consider that such a digital dollar will be very well combined with various financial cards of Visa itself. In general, I welcome such a decision.

[BlinkInDie]

This is awesome news if we're going to talk about adoption. Visa is huge and is the leading global payment solution and its great to see that they're doing this movement.

There's a industry-grade blockchain that has a mission of building a scalable regulatory-compliant blockchain ecosystem designed for the Business world. It introduces a protocol-level identity mechanism allowing for enterprises to comply with jurisdictional regulations.

The more these big companies and businesses like Visa embrace blockchain, the better.

[$anounimus$]

Visa one of the largest financial service providers in the world with its global debit and credit cards has filed a patent for ‘Digital Fiat Currency’ which is going to be a digital currency on a centralized computer using blockchain technology.
Visa was initially a member of Libra association but withdrew from it and now is pursuing a digital blockchain currency of its own. What's your take on it?

https://www.forbes.com/sites/jasonbrett/2020/05/14/visa-submits-patent-application-for-digital-dollar-using-blockchain/

In the context of turnover to businesses when are trending and that is one of the marketing strategies of the company in reading developments and the current market situation, where everything is based online.

Especially if we make prediction with  duration of the covid-pandemic19 is predicted to last for the next 1-2 years, the bigger increasingly difficult.

[tsaroz]

Cryptocoins and blockchain is the future of economics and data management. The ones that embraces it sooner would have a headstart to success.
We have seen China implement blockchain and cryptocurrency in different aspects of it's economic and social life. Though they have become more transparent means of controlling over the population than respecting their privacy. VISA's coin is also to be of the same category.

[popeye95]

They could try to go for a stable coin too but their one will have stamp and "back up" by them. They saw how lucrative cryptocurrency is especially with their reputation pretty much guaranteed success. But because they were a big company they have to follow the law with a lot of restrictions.

[Nalbo]

They could try to go for a stable coin too but their one will have stamp and "back up" by them. They saw how lucrative cryptocurrency is especially with their reputation pretty much guaranteed success. But because they were a big company they have to follow the law with a lot of restrictions.

They are calling it a digital dollar. So, most probably it's going to be a stablecoin pegged to dollar. If VISA be able to make cross border payments with it's own stablecoin, it could save some fees with the banks and provide money with just Forex rates on supported countries. With the resource and structure of VISA, they could be the Ripple killer.

[bitbollo]

this is just a patent and unless they will come with a final product we can just speculate about it, since others have already made the same move with other conceptual property.

most of big companies make a lot of patents to protect their business or before explore any idea for a product, just as E.G:

https://9to5mac.com/2019/08/15/apple-granted-patents/
"Apple granted over 2,000 patents last year, ranking it around #10 in the US"

[jcpone]

They can easily be approved because they are already established and known in this business. Might be something that they are cooking that will lie into their service.
This could also be one of the reason why they've left Libra to stand on their own with the idea that they probably have come up with while being with the association before.

I never know what you mean mate, all I know about Libra before. But if I am going to choose between of this two, of course I would
rather to preferred to choose this Visa because this is one of the whale company that will enter in crypto business and I think this is one of the good news I guess.

[bartolo]

Visa was initially a member of Libra association but withdrew from it and now is pursuing a digital blockchain currency of its own. What's your take on it?

It seems they didn't quit Libra for the reasons many people thought, regulations, but for more pragmatic reasons. Instead of being just part of a project, they decided to design and create their own.

[Crypto_lion]

Is my understanding correct in that they just wanna convert existing Fiat money into digital money by matching the serial number of the currency ?


  Then it is just improved form of the current Fiat monetary system.

[unusualfacts30]

Does it say that they want to convert fiat into crypto? I am not sure if that's their intention. May be they are trying to stay ahead in the game? They have been in the business for so long so it's hardly a matter of time before they approved on this.

[CaVO32]

Visa was initially a member of Libra association but withdrew from it and now is pursuing a digital blockchain currency of its own. What's your take on it?

It seems they didn't quit Libra for the reasons many people thought, regulations, but for more pragmatic reasons. Instead of being just part of a project, they decided to design and create their own.

I think that's better on their part, they don't have to follow certain regulations that they might not be in favour of or answer some responsibilities that they don't want to. also, it is easy to implement what they want without waiting any approval from the upper level as they are already the owner of the project. Because if they will wait for Libra, they don't know the timeline. So better do it on their own. For me, this is good news as Visa is a huge institution in the Financial Industry, and this will be good news in the crypto community even if they are just converting the existing fiat to digital money.

[mu_enrico]

Oh wow, is this will be the end of stablecoins like USDT, USDC, TUSD, etc.?
For me, if VISA coin can be cheap for remittance, and go in/out exchanges, then I have no complaints.

[leea-1334]

I read somewhere that Visa is the largest brand in the world in terms of value, followed by Coca Cola. I knew Visa was big but the world's biggest value brand now makes me understand why they have been so aggressive to make their own patents in blockchain and other types of new currency. Digital dollar if they use Visa tech would be massive.

[mindrust]

Isn't USD digital when it is your bank account anyway?

Why do they bother at all?

The whole point of having a crypto currency is because of its decentralized nature.

What difference does it make If I use Visa's new infrastructure or the already established "swift"?

As they don't allow me to send receive USD via swift freely and for free, what makes them think that the US will allow that just because Visa does it?

The problem is the USD here.

Oh wow, is this will be the end of stablecoins like USDT, USDC, TUSD, etc.?
For me, if VISA coin can be cheap for remittance, and go in/out exchanges, then I have no complaints.

Stable coins should have been exterminated by now but they are still freely scamming people. I don't understand how a scam like this keep going on.

But then, what the CB's do isn't that much different. I still thought they wouldn't want any competition unless, it already them scamming us with tether..

[20kevin20]

Oh wow, is this will be the end of stablecoins like USDT, USDC, TUSD, etc.?
For me, if VISA coin can be cheap for remittance, and go in/out exchanges, then I have no complaints.

I'd say no. You can still hold USDT and other stablecoins without someone asking you who you are. VISA's coin would always know what you're buying, selling, depositing and withdrawing.

Stablecoins have their own benefits. I'd rather wonder whether we're going to have more digital fiat currencies the same way we have many stablecoins. Will we have Libra + VISA's USD + other coins that pop up out there?

[tabas]

They can easily be approved because they are already established and known in this business. Might be something that they are cooking that will lie into their service.
This could also be one of the reason why they've left Libra to stand on their own with the idea that they probably have come up with while being with the association before.

I never know what you mean mate, all I know about Libra before. But if I am going to choose between of this two, of course I would
rather to preferred to choose this Visa because this is one of the whale company that will enter in crypto business and I think this is one of the good news I guess.

You don't have to choose with any of them.
Visa is just applying for patent like any enterprise do to own an idea or product. That's probably what you don't understand what I mean about the patent application of Visa.