#CryptoCorner: Square (NYSE: $SQ) Earns Patent for Payments System, Former BOJ Head Says Libra (NasdaqGS: $FB) Made Central Banks Consider CBDCs
#CryptoCorner: Square
(NYSE: $SQ) Earns Patent for Payments System, Former BOJ Head Says Libra
(NasdaqGS: $FB) Made Central Banks Consider CBDCs, Vodafone (NasdaqGS: $VOD)
Leaves Libra Association and Silvergate Bank Hires “Director of Digital
Currency”
Point Roberts, WA, Delta BC January 22,
2020 - Investorideas.com, a leader in
crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on
what’s driving the cryptocurrency market .
Listen
to today’s Crypto Corner Podcast:
Stocks discussed: (NYSE:SQ) (NasdaqGS:FB)
(NasdaqGS:VOD) (NYSE:MA) (NYSE:V) (NasdaqGS:PYPL) (NasdaqGS:EBAY) (NYSE:SI)
Payments provider
Square, Inc. (NYSE:SQ) has been granted
a patent by the U.S. Patent and Trademark Office for a payments system that
allows “users holding different asset types to transact with one another in
real-time,” according to a report from CoinDesk. An excerpt from
the application reads:
"The present technology permits a first party to
pay in any currency, while permitting the second party to be paid in any
currency.”
Hiromi Yamaoka, the
Bank of Japan’s former head of overseeing payment and settlement systems said
that Facebook’s (NasdaqGS:FB) Libra encouraged central banks to
consider digital currencies, according to a report from Reuters. He told the
publication:
“Something like Libra would make transactions costs
much cheaper. Major central banks need to appeal that they, too, are making
efforts to make settlement more efficient with better use of digital
technology.”
However Yamaoka
went on to indicate that interest in central bank digital currencies (CBDCs)
has actually started to wane:
“In the world of central bankers, the idea of using CBDCs
to enhance the effect of monetary policy seems to have subsided somewhat.”
“If you want to make monetary policy effective, you
need to ensure people keep using the currency you issue.”
Speaking of Libra, Cointelegraph reports that
British telecom giant Vodafone (NasdaqGS:VOD) has left the Libra Association,
joining the likes of Mastercard (NYSE:MA), Visa (NYSE:V), Paypal (NasdaqGS:PYPL), and eBay (NasdaqGS:EBAY) who left previously. A
representative of Vodafone said in an email to the publication:
“Vodafone Group has decided to withdraw from the Libra
Association. We have said from the outset that Vodafone’s desire is to make a
genuine contribution to extending financial inclusion. We remain fully
committed to that goal and feel that we can make the most contribution by
focusing our efforts on M-Pesa. We will continue to monitor the development of
the Libra Association and do not rule out the possibility of future
co-operation.”
Silvergate Bank, a
subsidiary of Silvergate Capital Corporation (NYSE:SI), has announced the hiring of
Benjamin Richman to its team as senior vice president, director of digital
currency. Richman previously served as the director of business development and
partnerships at blockchain tech firm Blockstream. Kate Fraher, chief operating
officer of Silvergate, commented:
"We are dedicated to providing great customer
experiences and excited to welcome Benjamin to our team. His deep understanding
of the digital currency industry and the digital currency infrastructure
solutions we are building will be a tremendous asset."
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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