#CryptoCorner: ECCB Pilots CBDC, Global Blockchain Spending to Hit $2.9 Billion in 2019, 5 Japanese Banks Collaborate on Blockchain Platform
#CryptoCorner:
ECCB Pilots CBDC, Global Blockchain
Spending to Hit $2.9 Billion in 2019, 5 Japanese Banks Collaborate on
Blockchain Platform
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March
6 Crypto Corner
ECCB Pilots CBDC, Global Blockchain Spending to Hit
$2.9 Billion in 2019, 5 Japanese Banks Collaborate on Blockchain Platform and
Argentina Invests in Binance-Backed Projects
CoinDesk reports that the
Eastern Caribbean Central Bank (ECCB), which is the central bank of the Eastern
Caribbean dollar, will be piloting a CBDC aiming for a full rollout in 2020.
According to the report, the token will be a stablecoin called DXCD and will be
“intended for use in financial transactions between consumers and merchants and
peer-to-peer transactions such as sending money to friends or family within the
ECCU” (Eastern Caribbean Currency Union). Timothy N. J. Antoine, governor of
the ECCB, said:
“Not only will the digital EC Dollar be the
world’s first digital legal tender currency to be issued by a central bank on
blockchain but this pilot is also a live CBDC deployment with a view to an
eventual phased public rollout.”
New research published by
International Data Corporation (IDC) finds that global spending on blockchain technology is projected to reach
$2.9 billion in 2019, up 88.7 percent from $1.5 billion in 2018. The longer
term forecast projects spending to reach $12.4 billion by 2022 with a compound
annual growth rate (CAGR) of 76 percent. James Wester, research director for
World Blockchain Strategies, said:
"Blockchain is maturing rapidly, and
we have reached an inflection point where implementations are moving quickly
beyond the pilot and proof of concept phase. That is why data on the actual
spend on the technology is so vital: it provides the context in which
blockchain is evolving. Understanding how and where enterprises are investing
their money gives vendors a better sense of where they need to deliver products
and services as well as offering technology buyers insight into how their peers
are adopting blockchain. It also provides a snapshot of where we can expect to
see this new technology disrupt the way enterprise software is delivered.”
An official
statement
reveals that five Japanese banks are collaborating to launch a blockchain
platform for financial services. Called Fitting Hub Ltd., the platform includes
Bank of Iwate, Bank of Yokohama, Aomori Bank, Akita Bank and Yamanashi Chuo
Bank. A loose translation from the press release highlights the reduced costs
afforded by the collaboration:
For financial institutions and business
operators who provide services, jointly providing services can make the system
inexpensive compared to single case, as well as greatly reduce postage and
mailing costs.
Cointelegraph reports that
Argentina’s government has agreed to invest in blockchain projects backed by
Binance Labs and crypto exchange LatamEx. The government will match investment
from Binance, worth $50,000 per project. This follows Binance’s recent choice
of Buenos Aires as the Latin American hub for Binance Labs Incubation Program.
Sam Mowers, Investorideas
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