Six Canadian Banks Weigh Joint Development of Canadian-Dollar Deposit Token System
JH Kim
Summary
- Six major Canadian banks are considering the joint development of a Canadian-dollar deposit token system.
- In the project’s first phase, the banks plan to test transfers of deposit tokens — digital representations of actual bank deposits — among participating lenders.
- In the longer term, the banks aim to link the deposit token system with other digital-asset projects.
Forecast Trend Report by Period
Six of Canada’s biggest banks are considering jointly developing a Canadian-dollar deposit token system to speed money transfers between financial institutions.
CoinDesk reported on Sept. 22 that the project’s first phase would test the transfer of deposit tokens among participating banks. The tokens would digitally represent actual deposits held at the banks.
The six participating lenders are Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group.
In the longer term, the banks aim to link the deposit token system with other digital-asset projects.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.