Share this article
Bank of Canada Demos Blockchain-Based Digital Dollar
The Central Bank of Canada revealed yesterday it is developing a digital version of the Canadian dollar based on blockchain technology.
By Pete Rizzo
Updated Sep 11, 2021, 12:19 p.m. Published Jun 16, 2016, 12:30 p.m.
The Central Bank of Canada revealed yesterday it is developing a digital version of the Canadian dollar based on blockchain technology.
Called CAD-coin, the project is part of a wider exploration of the emerging technology codenamed Project Jasper that was reportedly unveiled during a private presentation, according to The Financial Times. Other major banks including Bank of Montreal, CIBC, Royal Bank of Canada, Scotiabank and TD Bank, as well as banking consortium startup R3CEV, are said to be involved in the effort.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
A slide posted by Forbes provides more details, indicating that the Bank of Canada is testing a system in which participants would post cash to be held by the bank that would then be converted into CAD-coin.
Verified counterparties would then process transactions, and the central bank would reserve the right to destroy CAD-coins as needed.
The unveiling notably precedes a scheduled speech by Bank of Canada senior deputy governor Carolyn Wilkins, set for Friday, that will find the central bank issuing more details about the program and its stance on the technology.
Further, the announcement comes just a day before the Bank of England is expected to divulge further details about its interest in blockchain technology during a speech by governor Mark Carney in London.
Just last week, representatives from more than 90 central banks gathered at the Federal Reserve for a question-and-answer session in which presentations and discussions were held on blockchain and its potential role in finance.
The Bank of Canada did not respond to requests for further information at press time.
Canada map via Shutterstock; Bank of Canada slide via SocialWallet founder Kyle Kemper
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Crypto Markets Today: Bitcoin Slips Back Toward Danger Zone Ahead of Fed Decision
Bitcoin surrendered gains from earlier in the week, fell back toward $90,000 as traders braced for Wednesday’s Federal Reserve rate decision.
What to know:
- A 25 basis-point interest-rate cut has been priced in for weeks, and risk assets could drop on the news if no fresh catalysts emerge.
- Tokens like HYPE, STRK, QNT and KAS fell 6%–9% in 24 hours
- CoinMarketCap’s altcoin-season index sits at a cycle low of 18/100.
- Bitcoin is down 20% over 90 days and more than half of the top-100 tokens have fallen at least 40%. FET and TIA are among the worst performers while ZEC, DASH, BNB and BCH stand out as rare stabilizers.
Top Stories
