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#CryptoCorner: ECCB Pilots CBDC, Global Blockchain Spending to Hit $2.9 Billion in 2019, 5 Japanese Banks Collaborate on Blockchain Platform

March 6th #CryptoCorner sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch

 

Point Roberts, WA and Delta, BC - March 6, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#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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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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