PayPal files Bitcoin payment patent

Patenty interested...

Patenty interested…

PayPal has filed a US patent application for a modular payment module that accepts Bitcoin and other digital currencies.

The application names Bitcoin, Litecoin and Dogecoin; and sets out the physical characteristics of the module.

It says: “The module includes a chassis which has a modular device connector. A payment database in the chassis stores funding source information and security information.”

The patent application also describes a “virtual currency wallet system”. This entails a card that includes a virtual currency wallet; a non-transitory memory including instructions to provide a virtual machine that is configured to provide access to the virtual currency wallet; and one or more hardware processors that are coupled to the card and the non-transitory memory.

While nothing has happened yet, the interest in Bitcoin by a large company such as PayPal could be significant.

Mainstream moments?

Bitcoin has become a common sight under the spotlight.

Recently, the world enjoyed (or suffered) some mystery and revelation when Australian entrepreneur Craig Wright claimed to be Bitcoin’s creator Satoshi Nakamoto.

The European Commission (EC) wants to update the fourth Anti-Money Laundering directive so it also covers virtual currencies, such as Bitcoin. In the UK, the Treasury has followed suit by announcing plans to subject virtual currency exchanges to the same regulations as banks.

An opinion piece “Will regulation be a blessing or a blow for Bitcoin?” explored the implications of this directive.

mm – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.