Canada · The Block
Canada’s big six banks explore tokenized deposit system to modernize payments
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
★ Tier-1 Source
Canada's six largest banks are jointly exploring a Canadian-dollar tokenized deposit system in an effort to keep the country's payments infrastructure "competitive and secure.
Key facts
- The participating banks are Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada (RBC), The Bank of Nova Scotia, and TD Bank Group
- The project follows regulatory clarification from Canada's Office of the Superintendent of Financial Institutions (OSFI), which said earlier this month that tokenized deposits are "not legally
- The underlying technology of a financial product or service does not determine its legal nature," the OSFI said
- Canada's six largest banks are jointly exploring a Canadian-dollar tokenized deposit system in an effort to keep the country's payments infrastructure "competitive and secure
Summary
In a joint statement released Tuesday, the banks said the first phase of the project involves moving tokenized deposits efficiently across financial institutions. "It seeks to deliver faster, more efficient and programmable payments to Canadian customers while preserving safety, stability, and effective regulatory oversight," the statement said. The participating banks are Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada (RBC), The Bank of Nova Scotia, and TD Bank Group. The project follows regulatory clarification from Canada's Office of the Superintendent of Financial Institutions (OSFI), which said earlier this month that tokenized deposits are "not legally distinct from traditional deposits.