Canada’s six largest banks (BMO, CIBC, National Bank of Canada, RBC, Scotiabank, and TD Bank Group) announced on September 22 a joint initiative to build a Canadian-dollar tokenized deposit system designed to make interbank transfers faster and eventually programmable. The project was enabled by guidance from the Office of the Superintendent of Financial Institutions (OSFI) on September 10, clarifying that tokenized deposits would not be treated as a separate asset class. The 12-day gap between these two announcements underscores the direct link between regulatory clarity and the banks’ green light. By including all six systemically important banks from the start, Canada avoids the chicken-and-egg problem that has stalled similar projects elsewhere in the world.
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