Current outcome
Canada’s Big Six banks are jointly exploring a tokenized Canadian dollar deposit system, with the first phase focused on interbank tokenized deposit transfers and longer-term plans to open it to other deposit-taking institutions and potentially other digital asset systems.
Progress timeline
2 material updates- #01
Canada's 'Big Six' banks to launch interbank tokenized deposit initiative
Source evidence: CoinDesk
- #02
Canada’s six largest banks explore tokenized Canadian dollar deposits
The report identifies the participating banks as BMO, CIBC, National Bank of Canada, RBC, Scotiabank and TD Bank Group, says the first phase will focus on moving tokenized deposits between Canadian financial institutions before possibly connecting with other digital asset systems, and cites OSFI's Sept. 10 clarification on the legal treatment of tokenized deposits.
State after update: Canada’s Big Six banks are jointly exploring a tokenized Canadian dollar deposit system, with the first phase focused on interbank tokenized deposit transfers and longer-term plans to open it to other deposit-taking institutions and potentially other digital asset systems.
Source evidence: Cointelegraph · The Defiant · Decrypt