Canada’s six largest banks explore tokenized Canadian dollar deposits

Canada’s six largest banks explore tokenized Canadian dollar deposits

Özet: Kripto piyasasında önemli gelişmeler yaşanıyor.

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.

The banks said the system is intended to support faster and programmable payments, while longer-term plans include opening the initiative to other deposit-taking institutions.

Cointelegraph contacted CIBC for additional details but did not receive an immediate response.

Related: Coinbase launches regulated crypto derivatives in Canada The tokenized deposit initiative comes as Canada builds out a broader regulatory framework for digital money.

In March, Canada enacted its Stablecoin Act as part of Bill C-15, establishing a federal framework for fiat-backed stablecoins.

Under the regime, non-financial institution issuers will be required to register with the Bank of Canada, maintain reserves of at least 1:1 in high-quality liquid assets and offer holders redemption at par.

The framework is expected to take effect in 2027.

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