Ripple Losing the Central Bank Race: Experimental Bank of Canada’s “Cross Border, Cross Currency” System Runs on Corda.48.75

In market boosting news, the Bank of Canada (BoC) is building a proof-of-concept system with help from the private sector and academia. The objective, is to help them (BoC) better understand new financial technologies of which blockchain and DLT is top priority.

What’s interesting is that the central bank and R3 did collaborate when writing Project Jasper’s white paper. Project Jasper is a collaborative initiative between the government and the public sector. Its experimentation will help them test how efficient blockchain solutions are for wholesale fund transfer. In Phase I and II the bank was in the exploratory stage. The goal then was to observe how DLTs clear and settle high value interbank transactions. Afterwards-depending on with initial outcomes, the BoC would give the go-ahead for DLT integration in core financial systems as Forex and securities.

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