Bank of Canada announces development of blockchain-based digital Canadian dollar

Rage Review : The Central Bank of Kazakhstan has said it will develop its own Bitcoin, the Bank of Tokyo has also released the MUFG digital currency prototype, and Canada is also gradually relaxing restrictions on digital currencies in its continuous exploration of blockchain. Yesterday, the Bank of Canada announced that it has begun to develop a digital Canadian dollar based on blockchain, which is of great significance to the legalization of digital currencies around the world. This project, called CAD coin, is part of the Project Jasper blockchain exploration, and the R3CEV Alliance and major Canadian banks are involved. The central bank reserves the right to dispose of CAD coin.

Translation: Annie_Xu

Yesterday, the Bank of Canada announced that it is developing a digital Canadian dollar based on blockchain.

The project, called CAD coin, is part of the Project Jasper blockchain exploration, which was announced on a small scale and includes participation from major banks such as Bank of Montreal, CIBC, Royal Bank of Canada, Scotiabank, TD Bank and the R3CEV consortium.

A slide published by Forbes provides more details, noting that the Bank of Canada is testing a system in which users can deposit cash, which is held by the bank and then exchanged for CAD coins.

The validator will then process the transaction, and the central bank reserves the right to destroy the CAD coins.

The news comes ahead of a scheduled speech on Friday by Bank of Canada senior deputy governor Carolyn Wilkins, who will provide more information on the project and its stance on blockchain.

Meanwhile, Bank of England Governor Mark Carney will further demonstrate his interest in blockchain on Friday.

Representatives from more than 90 central banks met at the Federal Reserve headquarters last week to discuss blockchain and its potential in the financial industry.

In addition, the Bank of Canada did not disclose further details to the media.