Jasper
Proof of conceptCanada
Central Bank(s)
Bank of Canada
Announcement Year
2016
Status
Proof of concept
Retail/Wholesale
Wholesale
Structure
Token
Technology Provider
R3 Corda
Technology
R3 Corda
DLT / non-DLT
DLT
The project represents a collaborative effort between Payments Canada, its member financial institutions, the Bank of Canada and other market participants.
The aim of this initiative is to understand how the use of DLT might deliver greater benefits to interbank payments.
Canada's digital currency initiative is one among a portfolio of contingencies to adapt to any possible scenario, and prepare for the future of money and payments. According to the Bank of Canada, it would consider launching a digital currency if "the use of bank notes were to decline to a point where Canadians no longer had the option of using them for a wide range of transactions;" or a competing digital currency were to become a widespread alternative to the Canadian dollar. In 2018, the Bank of Canada, Bank of England, and Monetary Authority of Singapore jointly published a report examining alternative models for cross-border transactions. The report looked at three models, one of which used Wholesale Central Bank Digital Currency, and concluded "the models could be used to improve access, speed and transparency of cross-border payments." Canada also piloted Project Jasper in 2017 which experimented with distributed ledger technologies for payments.
Link to announcement
Last update: October 2018
October 2018
Link to announcement: www.payments.ca
February 2017
Research → Proof of concept
Governance structure: The project represents a collaborative effort between Payments Canada, its member financial institutions, the Bank of Canada and other market participants.
Description: Canada's digital currency initiative is one among a portfolio of contingencies to adapt to any possible scenario, and prepare for the future of money and payments. According to the Bank of Canada, it would consider launching a digital currency if "the use of bank notes were to decline to a point where Canadians no longer had the option of using them for a wide range of transactions;" or a competing digital currency were to become a widespread alternative to the Canadian dollar. In 2018, the Bank of Canada, Bank of England, and Monetary Authority of Singapore jointly published a report examining alternative models for cross-border transactions. The report looked at three models, one of which used Wholesale Central Bank Digital Currency, and concluded "the models could be used to improve access, speed and transparency of cross-border payments." Canada also piloted Project Jasper in 2017 which experimented with distributed ledger technologies for payments.
Main motivation/goals of the CBDC: The aim of this initiative is to understand how the use of DLT might deliver greater benefits to interbank payments.
Link to announcement: www.r3.comwww.bankofcanada.cawww.bankofcanada.ca
January 2016
None → Research
Announcement Year: 2016
Retail/Wholesale: Wholesale
Structure: Token
Technology Provider: R3 Corda
Technology: R3 Corda
DLT / non-DLT: DLT
Country / Region: Canada
Central Bank(s): Bank of Canada
No recent news found for this currency.