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The payment processing giant Visa has filed a patent application to create a “digital fiat currency” using blockchain technology.
The market-leading credit card provider acknowledged “cryptocurrency systems have advantages over fiat currency systems” in its application — such as being faster and more transparent.But in a twist, Visa says it was a “central entity” to be involved, in what could be a dramatic departure from what most cryptocurrencies aim to achieve.
Visa has played down the patent application in a statement to Forbes.“Not all patents will result in new products or features,” a spokesperson said.
Experts in this space, such as former Commodity Futures Trading Commission J. Christopher Giancarlo, still thinks it’s a big deal, as it proves something’s brewing.“This patent filing is evidence the private sector is very much at work on the future of money,” he said. Source
Bank of Mauritius Governor Harvesh Seegolam echoed former Governor Googoolye in a non committal statement that the Central Bank is exploring the possibility of CBDC's, (Central Bank Digital Currencies). The country began a framework for digital assets and cryptocurrencies in 2018 that so far has fallen far short of the mark when it comes to any actual business application. The country continues to lag behind in comparison to other jurisdictions like Singapore, Switzerland and Wyoming. The Central Bank continues to block retail banks on the island from doing business with Cryptocurrency and Digital Asset Businesses.