Canada’s six largest banks explore tokenized Canadian dollar deposits
The country’s largest financial institutions are exploring tokenized deposits for interbank payments, just weeks after regulators clarified how they should be treated.
The country’s largest financial institutions are exploring tokenized deposits for interbank payments, just weeks after regulators clarified how they should be treated.
Canada’s six largest banks are jointly exploring a system for tokenized Canadian dollar deposits that would allow digital representations of bank deposits to move between financial institutions.
The initiative involves Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group, according to a joint announcement from the banks on Tuesday. The first phase will focus on moving tokenized deposits between Canadian financial institutions before potentially connecting with other digital asset systems.
OSFI clarifies tokenized deposit rules. Source: Office of the Superintendent of Financial Institutions (OSFI)