When is a cryptocurrency not a cryptocurrency?

Visa International has filed for a cryptocurrency system patent that is meant to replace physical currency. The system, which utilizes both central banks and commercial banks, leverages a private blockchain to improve the payment ecosystem.

Source: https://news.bitcoin.com/visa-cryptocurrency-system

I mean, cool and all, but doesn't seem very decentralized 😉

Also weren't the big institutions saying how bad crypto was not so long ago?

Attached to fiat? Didn't we want to get away from fiat?

This seems like crypto made palatable to the powers that be, rather than an opportunity to make something new and better.

What do you think?