Canadian Banks Join Forces for Digital CAD Frameworks

Six major Canadian banks have formed an alliance to develop and scale digital frameworks for the Canadian dollar.

The participating banks include Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), National Bank of Canada (NBC), Royal Bank of Canada (RBC), The Bank of Nova Scotia (Scotiabank), and TD Bank Group (TD).

The consortium aims to focus initially on the underlying infrastructure for tokenized deposits.

TD stated that the first phase of the project will allow for 'tokenised deposits efficiently across Canadian financial institutions' with a long-term goal to connect with other emerging digital assets initiatives.