Blogs| Contact Us| Log In| Search Here

Skip Navigation LinksFSOkx Home > News > Detail

Search News

Keywords
Date From To

News Archive

Year 2017 (49)
Year 2016 (87)
Year 2013 (3)
Year 2012 (35)

News

Bookmark and Share

Canadian Banks to Start Experimenting with the Blockchain Technology

Canada's central bank, the Bank of Canada, and five other Canadian banks are experimenting with blockchain technology and a possible digital dollar as the growing demand for digital financial technology payment systems puts the squeeze on the traditional banking sector. At a recent IMF/World Bank conference hosted by the U.S. Federal Reserve, an estimated 90 central banks, including the Bank of Canada, came forward to talk about their research and experiments with distributed ledger technology (DLT) and digital currencies.

The big Canadian banks are also members of the R3 Consortium, which is working with 50 member banks worldwide, developing a foolproof methodology and standard for blockchain technologies for banks. The Bank of Canada was cautious in commenting on its digital money experiments, but was adamant that it was just an experiment and nothing more. The Bank of Canada had chosen to experiment with Ethereum because the members were the most familiar and experienced with coding on that platform. Meanwhile the Canadian Money Service Business Association (CMSBA), representing more than 800 MSBs, is petitioning the federal government's Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), the agency responsible for regulating fintech, to clearly define money services businesses to include digital currencies businesses.

News Characteristics

Date : Jul 28, 2016
Region : North America
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation