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Bank of America has patented the system of automatic exchange of crypto-currency



Financial conglomerate Bank of America received a patent for the automatic exchange of digital currencies, according to the USPTO website .

The document describes the mechanism for exchanging one crypto currency for another, with all the necessary data about the courses being downloaded from external sources. The system consists of three parts: the account of the user, on which his digital assets are stored, and two collection accounts for the exchange, owned by the operator.


"Organizations can process a large number of financial transactions on a daily basis. As technology develops, operations using crypto currency are becoming more widespread, as a result of which the system of currency exchange and crypto-currency may be in demand by a number of companies, "the document says.


Also, the patent describes a mechanism for tracking potentially illegal transactions. In particular, for each transaction, the system will assign a risk index that is added based on the size of the transfer and any other available information. Transactions that are recognized as illegal will automatically be rejected.



Recall, in August, Bank of America filed three new patent applications in the field of blockade. In addition, in 2014, the bank filed an application for a "warning system for suspicious currency activity", and at the beginning of 2016 about 20 similar documents were reported , of which, as far as is known, only ten have reached the Patent and Trademark Office.