Canada’s six largest banks are jointly examining a digital payments network based on tokenized Canadian-dollar deposits, according to Decrypt. Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada are participating in the initiative. The proposed system would begin with transfers between the banks themselves, creating a shared framework for moving digital representations of deposits in Canadian dollars. The project remains at the exploration stage, and the supplied information does not specify a launch date, technical design or plans for broader public access. The initiative reflects cooperation among the country’s major banking institutions around digital-dollar infrastructure, but no details were provided on whether the network would use a public blockchain or how it would connect with existing payment systems.
