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#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 and Delta, BC - January 22, 2019 (Investorideas.com Newswire) 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.

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#CryptoCorner: Square (NYSE: SQ) Earns Patent for Payments System, Former BOJ Head Says Libra (NasdaqGS: FB) Made Central Banks Consider CBDCs

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Square Earns Patent for Payments System, Former BOJ Head Says Libra Made Central Banks Consider CBDCs, Vodafone Leaves Libra Association and Silvergate Bank Hires "Director of Digital Currency"

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

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