Is a judgment of “experimenting with a digital dollar” a financial services industry’s chronicle of a hula hoop? Flash in a vessel hiss that will shortly pile-up and fizzle?
Bank of Canada has put a toe in that digital dollar H2O by announcing this week that it was operative with one of a largest banks in a land (of Canada) to emanate a possess electronic chronicle of a Canadian dollar: CAD-COIN, a blockchain-based digital fiat currency.
While this examination is still in a early stages, Carolyn Wilkins, comparison emissary administrator for Bank of Canada, did exhibit a bit of what this devise entails. Her matter indicated that, while a bank is testing a concept, a existence is distant off.
“One of a bank’s many FinTech investigate projects … is to build a proof-of-concept indiscriminate interbank remuneration complement regulating a distributed ledger, in and with Payments Canada, R3 and Canadian banks,” she pronounced in a statement. “The