Bank of Canada Experimenting With Blockchain-Type Technology – June 16th, 2016

A recent three-day event in Washington, DC, hosted by the World Bank, the Interntional Monetary Fund and the US Federal Reserve, included representatives from over 90 central banks worldwide focusing on blockchain and fin tech.

During this event, it was revealed that most Central Banks have assigned focus groups to work on blockchain and its potential implications: As coindesk reported on June 6th, the level of understanding around blockchain was impressive and showed that work had been done at individual levels to better understand this technology;

According to Boring, a number of “higher level questions” came from central banks leaders from emerging markets in particular, drawn from institutions in both Africa and South America that expressed interest in how blockchains and digital currencies might help them compete globally.

Today, reports that the Bank of Canada is running experiments on interbank payment systems using blockchain to better understand how it works. Bloomberg reports:

     One of the central bank’s research projects “is to build a proof of concept wholesale interbank payment system using a distributed ledger,” Wilkins said. “The Bank’s goal in these projects is solely to better understand the technology first-
hand.”

Source:bloomberg

However, whilst Bank of Canada is experimenting on payments, they are not willing to entertain the idea of digital currencies.

The central bank has no plans to issue any digital currency for public use, Senior Deputy Governor Carolyn Wilkins said in an e-mailed statement. Blockchain refers to the technology that underpins distributed ledgers, which are used for verifying and
recording transactions for digital currencies such as bitcoin.

Source:bloomberg

 

blockchainwizz@gmail.com

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