MUMBAI, India, May 30 -- Intellectual Property India has published a patent application (202147025206 A) filed by Visa International Service Association, San Francisco, on June 7, 2021, for 'digital fiat currency.'
Inventor(s) include Hurry, Simon J.; and Pierre, Alexandre.
The application for the patent was published on May 30, under issue no. 22/2025.
According to the abstract released by the Intellectual Property India: "Techniques are disclosed which include receiving, by a central entity computer, a request for digital currency. The request includes a serial number and a denomination of a physical currency. The central entity computer generates the digital currency for the denomination and linked to the serial number. The generating includes recording the digital currency on a blockchain. The central entity computer transmits a notification of the generation of the digital currency. The central entity computer causes removal of the physical currency from circulation in a fiat currency system."
The patent application was internationally filed on Nov. 08, 2019, under International application No.PCT/US2019/060573.
Disclaimer: Curated by HT Syndication.
